From Nasdaq Inc.:

Nvidia’s market capitalization surpassed Amazon’s for the first time in two decades, outpacing Alphabet as well. The AI chip maker has seen a 46% stock increase this year due to strong demand. Its shares ended Tuesday at $721.28, with a market value of $1.78 trillion.

Alphabet’s share price fell 1.62% on Tuesday, resulting in a market capitalization of $1.81 trillion. The company is pushing AI tech into Google search and cloud services. However, it failed to meet investor expectations, causing a share price drop after its quarterly report.

Nividia’s growing dominance in the AI chip market led to a stock increase. The company’s market capitalization surpassed Amazon’s for the first time since 2002. Mizuho analyst Vijay Rakesh raised Nvidia’s stock price target to $825 ahead of its quarterly results, showing confidence in the company’s future growth.

Microsoft, with a market capitalization of over $3 trillion, overtook Apple to become the world’s most valuable company. Widely viewed as trailing in the AI race, Apple’s stock has dropped 4% in 2024. Meanwhile, although Saudi Aramco has a $2 trillion market capitalization, over 90% of it is closely held by the government of Saudi Arabia.



Read more: Nvidia market cap threatens Alphabet after overtaking Amazon