Despite its market trend characterized by a decrease of its share price of 0.17% by 4:00 PM EST, today portfolio holding Nvidia (NVDA) (purchased 0.24 units @ $472.38) was able to achieve an exciting achievement, reaching a market capitalization higher than Amazon. In fact, while Nvidia’s total value was equal to $1.78 trillion, the Seattle based company did not go beyond $1.75 trillion, after Amazon’s share price dropped by 2.15% by 16:00 EST. One of the main reasons behind this incredible achievement is the fact that, as more tech companies are trying to insert AI into their products, large firms like Meta Platforms recently concluded acquisitions of Nvidia’s components for billions of dollars. Unfortunately, Nvidia was not able to replicate this performance against Alphabet. In fact, the firm owning Google successfully ended the day with a market cap of $1.81 trillion, although its market price plummeted by 1.59%. In addition to this, the Japanese bank Mizuho just decided to change Nvidia’s target price from $625 to $825, a further signal that the company is performing very well, as Vijay Rakesh, a Mizuho analyst, forecasts substantial AI upsides for Nvidia.
As reported by The Wall Street Journal, in an attempt to follow Amazon’s footsteps, Walmart (WMT), the US retail corporation, is desperately trying to conclude as soon as possible the acquisition of Vizio, an american company producing and selling smart TV’s. This competitive strategy was probably behind the huge increase in Vizio share price of 24.68%, while, on the other hand, the main competitor of the latter, Roku, experienced the opposite market trend (-8.76%). The deal between Walmart and Vizio should be worth more than $2 billion and this would give Walmart a competitive advantage in selling advertising and pitch products.
Author: Piero Foberti