Nvidia on track to surge past $1 trillion valuation amid boom in AI interest By Investing.com

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Nvidia on track to surge past $1 trillion valuation amid boom in AI interest

Published May 30, 2023 13:02

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Nvidia on track to surge past $1 trillion valuation amid boom in AI interest

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Investing.com -- Nvidia (NASDAQ:NVDA) is on pace to see its valuation rise above $1 trillion, as a frenzy for artificial intelligence has powered a fresh surge in the chipmaking giant.

In premarket U.S. trading on Tuesday, the stock jumped by as much as 4% to $404.9, giving it a market capitalization of $1 trillion, according to Bloomberg data.

The move would make California-based Nvidia only the ninth company to ever reach 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 new 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 jump in Nvidia shares over the past week, which 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 linked to rapidly increasing interest in AI development.

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