Tech giant Nvidia hit an all-time high on the stock market on Monday, managing to briefly surpass even Amazon when it reached a market valuation of $1.83 trillion. The rally saw it temporarily become the fourth highest valued US-listed company behind Alphabet, Apple, and Microsoft, Bloomberg reports.

By market close, Nvidia had fallen back to 5th place again behind Amazon, with Nvidia closing at $1.78 trillion. Amazon was just ahead of it at $1.79 trillion. Nvidia has already increased its market value by around $600 billion in 2024 alone, seeing rapid growth when compared to last year.

While Nvidia is best known to gamers for its high-end graphics cards, the company's recent success has been largely due to the boom in AI computing, which has created high demand for Nvidia's chips. "Nvidia is just riding the first investment wave of the current AI boom with massive capital expenditures being deployed in data centers," Saxo Bank's Peter Garnry said of the rally.