Nvidia Hits $1 Trillion in Market Value on Booming AI Demand

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Nvidia on Tuesday became the first chipmaker to join the trillion-dollar club, as the company bets on a surge in demand for its AI chips that power chatbot sensation ChatGPT and many other applications.

The gaming and AI chip company’s shares rose 4.2%. Taiwan Semiconductor Manufacturing Co is the next largest chipmaker globally, valued at about $535 billion. Meta Platforms, valued at about $670 billion as of last close, clinched the trillion-dollar market capitalization milestone in 2021, while Apple, Alphabet, Microsoft and Amazon are the other U.S. companies that are part of the club.

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