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Nvidia surges past $1 trillion valuation amid boom in AI interest
Nvidia surges past $1 trillion valuation amid boom in AI interest By Investing.com
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Scott Kanowsky/Investing.comStock Markets
Published May 30, 2023 06:59AM ET
Updated May 30, 2023 09:51AM ET
(C) Reuters.
Investing.com — Nvidia’s (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.
Nvidia surges past $1 trillion valuation amid boom in AI interest
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