Nvidia Stock Skyrockets 40% in 2023, Valuation Now Challenging Amazon's Spot Among Most Valuable US Firms
• Nvidia's stock has rallied so much that its market valuation now threatens to overtake Amazon's, making it the 4th most valuable US company • The shares are up over 40% so far in 2023 amid strong demand for its AI and data center chips • But the huge rally is raising concerns that the gains may not be sustainable long-term • Valuation is nearing peak levels, however fundamentals remain strong with revenue growth projected to top 100% • Bulls see the AI-driven growth as durable and underestimated, though gains likely can't continue at this breakneck pace indefinitely