Enthusiasm for artificial intelligence has Nvidia on the cusp of becoming more valuable than Amazon.com for the first time in two decades, and the AI chip maker is not far behind Google owner Alphabet. A 40% surge in Nvidia so far in 2024 has elevated its market capitalisation to US$1.715-trillion as of mid-day trading on Wednesday, only about 3% below Amazon’s $1.767-trillion value, and less than 6% below Alphabet’s $1.812-trillion value, according to LSEG data. Nvidia’s shares gained 1.
8% to $694.48 after an optimistic report from Morgan Stanley. Nvidia reports quarterly results on 21 February. After Nvidia’s stock more than tripled in 2023, it has already become the US’s fifth most valuable company Morgan Stanley raised its price target to $750 from $603, with analyst Joseph Moore writing in a client note that “AI demand continues to surge”. After Nvidia’s stock more than tripled in 2023, it has already become the US stock market’s fifth most valuable compan
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