Computer chip maker Nvidia briefly joined the exclusive club of companies with a $1 trillion market capitalization as market demand for artificial intelligence (AI) technology reached a crescendo.
The milestone was reached on May 30 during US morning business hours by the computer chip and graphics card maker with its shares hitting a daily high of more than $418. according to Google Finance.
Nvidia shares closed the day at just over $401 and the company currently has a market capitalization of $992 million.
In the United States, there are only four companies that have a valuation of more than $1 trillion: Apple, Microsoft, Amazon, and Alphabet, the parent company of Google.
Nvidia has seen a gain of more than 180% year to date due to increasing demand for graphics processing units (GPUs) that power generative AI tools.
According to a May 30 Reuters reportanalysts said that 80% of these GPUs are currently made by Nvidia.
Some may see Nvidia's recent breakout price action as a sign of an overheated market, but other analysts suggest there's still plenty of room for Nvidia to grow with suggestions the AI โโboom may only be getting started.
"Technical traders and AI mania have pushed Nvidia towards the $1 trillion cap and it's not cheap," said Jim Kelleher, an analyst at Argus Research.
Related: Nvidia Introduces AI Supercomputer To Create Successors To ChatGPT
Nvidia isn't alone in its quest to bring AI-ready chips to market. Microsoft reportedly developing their own AI chip to power AI applications for by sam altman the artificial intelligence firm OpenAI, as well as its own internal projects.
In April, Elon Muskformer CEO of Twitter, bought thousands of general processing units for an upcoming Twitter AI project according to a source close to the matter.
As tech companies and chipmakers in the US scramble to catch up on all things AI, Chinese developers are finding ways to avoid penalties which prohibited the local obtaining of the latest version of Nvidia chips.
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