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Nvidia has been a major beneficiary of this year’s AI stock market frenzy.
Dreamstime
Nvidia,
a key beneficiary of this year’s investor frenzy over stocks linked to artificial intelligence, closed with a market capitalization above $1 trillion on Tuesday. It’s a major milestone for the chip maker’s stock, which is heading higher again Wednesday.
Shares in
Nvidia
(ticker: NVDA) jumped 3.9% in Tuesday trading, putting its market cap at the close at $1.013 trillion, according to Dow Jones Market Data. Nvidia briefly passed the $1 trillion market cap line on June 2, but only on an intraday basis.
Tuesday’s rally confirms the chip maker’s status in an exclusive club of $1 trillion-plus stocks dominated by technology giants, namely
Apple
(AAPL),
Microsoft
(MSFT),
Alphabet
(GOOGL), and
Amazon.com
(AMZN).
Nvidia is a maker of semiconductors that has emerged as a key player in the high-growth AI space, with its powerful chips being used in the brute-force computing that powers applications such as ChatGPT.
As AI as exploded into the public imagination this year—and led to a stock market frenzy—Nvidia has emerged as one of the biggest winners, with its shares gaining an eye-popping 180% so far this year.
And Nvidia stock is rising again on Wednesday. Shares in the group advanced just shy of 1% in U.S. premarket trading.
Write to Jack Denton at [email protected]
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