Artificial Intelligence powers Nvidia to $1 trillion market cap
Nvidia Inc.
Nvidia is now one of the five trillion dollar companies in the world. The Santa Clara, California-headquartered chipmaker became the first in the sector to achieve a $1 trillion market capitalisation on Tuesday.
The trillion-dollar market cap in recent days has been powered by enormous growth potential powered by artificial intelligence.
Nvidia joins Alphabet Inc., Amazon.com Inc., Apple Inc. and Microsoft Corp. in the elusive trillion-dollar club.
Only nine companies globally have ever achieved this level.
What led to Nvidia's $1 billion rise: The AI factor
In the last three months, Nvidia reported $2 billion in profit in its quarterly earnings.
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Nvidia’s business got a boost after the demand for PC gaming and cryptocurrency mining went up during the Covid pandemic.
Artificial Intelligence powered Nvidia's rise, as CEO Jensen Huang showed an elevated potential for the company's data-centric growth.
Nvidia Computex 2023
Last weekend,Nvidia’s Computex 2023 keynote was full of Artificial Intelligence announcements. This included a demo of games usingAvatar Cloud Engine (ACE) for Games to support natural language.
ALSO WATCH |Nvidia CEO on the AI revolution
Nvidia Computex 2023 also included an announcement related to anew DGX GH200 supercomputer built around its latest Grace Hopper Superchip that is reported to becollectively capable of an exaflop of AI performance.
The $1 trillion group
Nvidia'svaluation pushed past the trillion-dollar benchmark as trading opened on Tuesdayat over $400 per share. The development has put the chipmakerinto an exclusive club occupied by companies such as Apple and Microsoft.
The twosurpassed the significant mark in August 2018 and August 2019, respectively. Amazon and Google are the other big techstocks in the club.
Mark Zuckerberg's Meta is a former member.
Reuters reported Nvidia’s shares jumped around 25 per cent last week.
The premarket trading on Tuesday morning had the stock hitting up to $404.91, a gain of about fourper cent, Bloomberg reported.
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