Investing.com -- Advanced Micro Devices surpassed $1 trillion in market capitalization for the first time on Monday, joining a small group of chipmakers and companies to reach the milestone.

AMD shares rose 9.6% to $613.50, reaching a record high. The company joined rival Nvidia and a small number of other chipmakers that topped the $1 trillion milestone.

The chipmaker is benefiting from the ongoing AI boom. AMD shares have climbed more than 170% year-to-date as investors bet on its expanding role in artificial intelligence computing.