Nvidia becomes first US chipmaker valued at over $1 trillion; joins exclusive FAANG group2 min read 30 May 2023, 07:12 PM IST
Nvidia's shares rose about 25 per cent last week sparking a rally in AI-related stocks and boosted other chipmakers, helping the Philadelphia SE Semiconductor index close on Friday at its highest in over a year.
Nvidia Corp on May 30 breached $1 trillion in market capitalization, making it the first US chipmaker to join the trillion-dollar club. The gaming and AI chip company, whose shares rose 3.8 per cent in trading before the bell on Tuesday, was valued at $1.03 trillion. AI took center stage after Nvidia stunned investors by reporting a quarterly profit of more than $2 billion and revenue of $7 billion, both exceeding Wall Street expectations.
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