Shares in chip company soar amid hopes of rising demand from artificial intelligence applications
US chipmaker Nvidia reached a $1tn valuation on Tuesday morning as investors continue to rally around the company, which produces chips used to power artificial intelligence technology.
On Tuesday, shares rose another 4.2%, bringing Nvidia over the trillion-dollar edge, the first chipmaker to reach the milestone. Other companies with trillion-dollar valuations include household names like Meta, Amazon and Alphabet, Google’s parent company.
However, as the largest chipmaker for AI technology, Nvidia is benefiting from heavy Wall Street investment as companies race to adapt and apply the technology. The chips provide the heavy processing power needed to develop new applications. UBS“Nvidia is the poster child for AI at the moment,” said Thomas Hayes, the chair of Great Hill Capital. “The market is coming to terms with if this AI trend is real.
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