All thanks to the massive AI boom, Chipmaker Nvidia is now a company with a market cap of $1 trillion as on Tuesday.
Nvidia becomes the first chipmaker to join the trillion-dollar club, after the company's shares rose more than 4% on Tuesday.
The next largest chipmaker globally is Taiwan Semiconductor Manufacturing Co Ltd, which is valued at about $535 billion
Nvidia’s shares rocketed last week after it posted quarterly earnings with top and bottom-line numbers that significantly beat consensus estimates. Reporting a quarterly profit of more than $2 billion and revenue of $7 billion, both of which exceeded Wall Street expectations
Nvidia also forecast $11 billion in sales for the second quarter of fiscal 2024 alone. The expected sales were 50% higher than consensus estimates of $7.15 billion.
Meanwhile, Jensen Huang, chief executive officer of Nvidia Corp., got a grand celebrity welcome during a trip to Taiwan. The 60-year-old was seen being mobbed constantly by fans and media as he walked the hallways at the Computex trade show.