On February 12th, Nvidia (NVDA.O) opened a new tab on the market capitalization leaderboard, surpassing Amazon.com Inc (AMZN.O). The frenzy surrounding artificial intelligence catapulted the chipmaker to third place among the most valuable companies in the U.S.
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At a record high of $717.16, Nvidia’s market capitalization reached $1.82 trillion, edging past the $1.81 trillion of the retail giant Amazon.com and trailing behind Alphabet (GOOGL.O), the parent company of Google (GOOGL.O).
Nvidia’s AI Achievements
The awards for the “Partner of the Year in America” within the NVIDIA Partner Network (NPN) were distributed across 13 distinct categories, encompassing a wide array of sectors including artificial intelligence, consulting, distribution, education, healthcare, integration, networks, the public sector, emerging entities, service provision, software, and the Canadian market.
A new award category introduced this year highlights the growing adoption of AI in retail, as leaders begin to roll out new AI-based services aimed at customer service, loss prevention, and inventory replenishment analytics.
CDW Canada wins the title of “Canadian Partner of the Year” recognized for providing IT solutions that enable the country’s leading suppliers to offer tailored solutions using NVIDIA technologies, catering to the needs of each client.
NVIDIA’s founder and CEO, Jensen Huang, made the declaration during informal discussions with leaders from Canada’s flourishing artificial intelligence community.
Artificial intelligence is reshaping industries, society, and even the ‘very fabric of innovation’ – and Canada is poised to play a key role in this global transformation.
NVIDIA’s founder and CEO, Jensen Huang.
Deloitte takes home the award for “Consulting Partner of the Year” for the third consecutive year. They are honored for carving out new artificial intelligence markets for clients by increasing investments in AI solutions developed with NVIDIA for corporate AI and for expanding new offerings through generative AI and NVIDIA DGX Cloud.
Amazon is using optimized containers in Amazon Elastic Compute Cloud (Amazon EC2), featuring NVIDIA Tensor Core GPUs to whip up a tool for generative artificial intelligence that strikes that perfect balance at the speed of modern retail.
These fresh generative artificial intelligence capabilities from Amazon are helping sellers effortlessly churn out eye-catching headlines, lists, descriptions, and product attributes.
Related: The USA has Created a Consortium to Control the Development of AI
Amazon vs. Nvidia
The last time Nvidia outranked Amazon was back in 2002 when both were worth less than 6 billion dollars each. Following Amazon’s holiday quarter sales that were higher than expected last month, investors are eagerly awaiting Nvidia’s quarterly results on February 21st, marking the last of the mega-cap companies to report this earnings season. Expectations for the report are soaring: shares have surged by 47% since the beginning of the year, making it the biggest gainer among S&P 500 components.
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Outstanding quarterly results and strong forecasts from Nvidia a year ago showed that the chipmaker is at the forefront of supplying technology companies working on so-called generative artificial intelligence, such as chatbots and image creation. The bet on high demand for AI has propelled Nvidia’s stock, making it the most profitable among the so-called “Magnificent Seven” with a 223% surge over the last 12 months.
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