Paul Stenhouse: Nvidia becomes the first company to hit $5trillion and Amazon makes huge staff cuts
Description
Nvidia becomes the first company to hit $5 trillion in value
Since the launch of ChatGPT in 2022, Nvidia's shares have climbed 12x. Just three months ago it was the first company to hit $4 trillion. It's 8.3% of the S&P500 so those who hold low-cost index funds in their retirement accounts will feel the effect of every Nvidia market move - both good and bad.
Five trillion is just a staggering number. You would need to take New Zealand's government debt ($182 billion) and times it by 27 in order to reach that same number. It's worth almost double the top nine pharma companies combined and 1.6x the top eight global oil companies combined.
Amazon fires 14,000 people
It made huge cuts to its corporate workforce to cut some of the fat from its covid hiring spree and leaning into AI tooling. Those severance payouts will cost it$1.8 billion. Together with the better than expected results in the AWS segment, the stock popped 7% this week.
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