Nvidia surges past $1 trillion valuation amid boom in AI interest

May 30, 2023 7:02 AM EDT
(Updated - May 30, 2023 9:48 AM EDT) -- Nvidia (NASDAQ: NVDA) valuation rose above $1 trillion after the stock jumped by more than 4% on Tuesday, as a frenzy for artificial intelligence has powered a fresh surge in the chipmaking giant.

The move makes California-based Nvidia only the ninth company to ever top the trillion-dollar mark.

Shares were given a further boost on Monday after Chief Executive Jensen Huang unveiled a new supercomputing platform in a bid to take advantage of a recent scramble to harness AI technology. In a speech in Taiwan, Huang said that a "tipping point" had been reached in computing that will allow "everyone" to become a programmer.

The remarks came after a sharp increase in Nvidia shares over the past week made the firm the world’s most valuable semiconductor manufacturer.

The rally was driven in part by a full-year forecast that blew past expectations, which Nvidia said was thanks to rapidly increasing interest in AI development.

You May Also Be Interested In

Related Categories

General News, Investing, Trader Talk