Nvidia's market capitalization momentarily overtook that of Amazon.com Inc. as the chipmaker surged to the fourth position in the US valuation rankings due to the hype surrounding artificial intelligence.

According to LSEG statistics, Nvidia's market value peaked at $734.96, making it worth $1.82 trillion, slightly less than the $1.81 trillion of retail behemoth Amazon.com and a few billions less than Alphabet, the company that owns Google, at $1.87 trillion.

When they were both valued at less than $6 billion in 2002, Nvidia was the more valuable company than Amazon.

Following Amazon's better-than-expected Christmas quarter sales last month, investors will be watching Nvidia's quarterly results, which the megacap company will release last this earnings season, on February 21.

With shares up 47 percent year to date and ranking as the greatest gainer among S&P 500 components, expectations were high going into the report.

Nvidia's stellar predictions and impressive quarterly results from a year ago proved that the chip manufacturer was leading the way in providing tech companies developing so-called generative AI, such as chatbots and image creation.

Nvidia's stock has soared 223 percent over the last 12 months, making it the highest performing stock among the so-called "Magnificent Seven" according to the company's strong AI demand forecast. Meta Platforms has increased by 163 percent to rank second.

Following a range-bound second half of 2023, Nvidia's shares have surged about 50 percent in the new year on indications that demand for its chips—which are used in data centers for sophisticated computing tasks needed by AI applications—remains high.

This year, Nvidia has increased its market worth by around $600 billion, surpassing the amount it acquired in the final seven months of 2023.

Undoubtedly, Amazon is also off to a strong start this year. The e-commerce behemoth's stock increased eight percent last week following the release of robust fourth-quarter sales data and an above-estimate profitability prediction. For a short while, the surge raised Amazon's market value above Alphabet's.

With Alphabet in third place, Microsoft surpassed Apple to become the most valuable business in the world in January.