Nintendo now worth more than Sony following Pokemon Go craze

Following the release of Pokemon Go, Nintendo's market value has now surpassed Sony's.

According to Bloomberg, Nintendo's value reached $39.8 billion on Tuesday, beating out Sony, which stands at $38.34 billion. The dramatic-looking chart below highlights how Nintendo's shares, and in turn market value, rocketed since the release of Pokemon Go earlier this month.

Nintendo did not make Pokemon Go, as the game was instead developed by Google spinoff Niantic Labs in collaboration with rights-holder The Pokemon Company. Nintendo owns a share of The Pokemon Company, which may explain the surging stock price and market value.

Last week, Nintendo became the most traded company by value of shares this century in Japan. It topped single-day performance of big-name companies such as Tokyo Electric, SoftBank, Mizuho, Nippon Steel, and Aiful.

Pokemon Go was released at the start of July in the US, Australia, and New Zealand. It's since expanded to many more markets, including the UK and Canada, while a release in Japan is reportedly coming very soon. The game has become something of a phenomenon and seemingly everyone is playing it. Pokemon Go remains at the top of the free and top-grossing iTunes chart, a position it's held since release.

Nintendo will report earnings for its latest period on July 27. The company will no doubt be asked about Pokemon Go and we'll report back with all the details.

Miitomo, released earlier this year, was Nintendo's first smartphone game. The next ones are based on Fire Emblem and Animal Crossing, and more will follow after those. Nintendo is working with mobile gaming giant DeNA on all of its smartphone games.

For more on Pokemon Go, check out GameSpot's review and CNET's Guide to Pokemon Go.