Nvidia set to become first US chipmaker valued at over $1 trillion
2023.05.30 05:53
© Reuters. FILE PHOTO: The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022. Courtesy NVIDIA/Handout via REUTERS
(Reuters) -Nvidia Corp was on track on Tuesday to breach $1 trillion in market capitalization for the first time, making it the first U.S. chipmaker to join the trillion-dollar club.
The company’s shares were last up 3.8% at $404.17 in premarket trading.
Meta, valued at about $670 billion as of last close, clinched the trillion-dollar market capitalization milestone in 2021, while Apple Inc (NASDAQ:), Alphabet (NASDAQ:) Inc, Microsoft Corp (NASDAQ:) and Amazon.com Inc (NASDAQ:) are the other U.S. companies that are part of the club.
AI took center stage after Nvidia (NASDAQ:) stunned investors with a revenue forecast that surpassed analysts’ expectations by more than 50%.
The closed at its highest in over a year last week after Nvidia’s stellar results powered other chipmakers higher.
