Nvidia crosses $1T market cap powered by the rise of AI
Justin Sullivan
Nvidia (NASDAQ:NVDA) ended Tuesday's trading session with a market cap of over $1T and in the process became the seventh U.S. company in history to do so.
Nvidia's stock rose +3.9% on Tuesday to end the day with a market cap of $1.01T.
Previously, Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN), Google parent Alphabet (GOOGL)(GOOGL), Tesla (TSLA), Meta Platforms (META) had breached the $1T mark. However, Facebook parent Meta, and Tesla are no longer part of this club.
At the end of May, Nvidia's stock had also touched the $1T market cap barrier. YTD, Nvidia's shares have surged ~186% riding on the artificial intelligence (AI) wave, stunning the market with its meteoric rise, while the S&P 500 has gained ~14%. See chart here.
The Santa Clara, Calif.-based chipmaker had gained ~25% after its Q1 results and guidance that shocked Wall Street.
The company also made a flurry of announcements at the end of May related to a several products and services tied to AI, like an AI supercomputer platform called DGX GH200, developing a hyperscale generative AI supercomputer called Israel-1 in Israel, collaborating with SoftBank (OTCPK:SOBKY) (OTCPK:SFBQF) on a platform for generative AI and 5G/6G applications, among other things.
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