Advances in AI technology have now seen chip maker Nvidia join an elite club. Nvidia is now valued at more than $ 1 trillion.
The company joins the likes of Apple, Amazon, Alphabet and Microsoft. The tech companies are among the few publicly traded US firms that form the trillion-dollar club.
Until recently, this elite group has only ever had 6 members. The California headquartered company became the first chip maker to hit a $1 trillion valuation.
Obviously, the sudden stock rise is heavily driven by the recent demand for AI.
Since August of last year, NVIDIA has been producing AI chips. Owing to the increased popularity of AI, the company began witnessing a steep demand for chips as early as January.
“We had to place additional orders, and we procured substantially more supply for the second half of 2023”: said Nvidia Chief Executive Officer Jensen Huang.
Currently, Nvidia is placed sixth by Forbes among publicly listed companies….
