Fueled by hype surrounding artificial intelligence (A.I.), Nvidia (NVDA) has become the world’s first chipmaker to reach a $1 trillion U.S. market capitalization.
Nvidia’s stock rose as much as 4.3% on May 30, surpassing a $1 trillion U.S. market valuation for the very first time.
Nvidia joins other technology companies such as Apple (AAPL), Amazon (AMZN) and Microsoft (MSFT) that have $1 trillion valuations.
There are less than 10 companies worldwide that have ever achieved a $1 trillion U.S. market cap.
Nvidia’s stock is currently benefitting from Wall Street’s obsession with A.I. The company is the world’s biggest maker of the specialized microchips and semiconductors needed to power advanced A.I. applications and platforms.
Nvidia’s share price rose more than 25% last week after the company issued a sales forecast that was 50% greater than Wall Street forecasts.
Since the start of the year, Nvidia’s stock has gained 180%.