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NVIDIA, a prominent hardware and software manufacturer, experienced a significant surge on Tuesday as their shares rose over 4% during early trading in New York, reaching a price of $406.1.
This remarkable achievement propelled NVIDIA to become the first chipmaker to attain a market value of $1 trillion, placing it in the same league as other trillion-dollar companies like Apple, Amazon, Alphabet, and Microsoft. The experts attribute the company's remarkable milestone to the continuous growth of the artificial intelligence industry, with NVIDIA strategically banking on the rising demand for its AI chips.
"NVIDIA is the poster child for AI at the moment, the market is coming to terms with if this AI trend is real," commented Great Hill Capital's Chairman Thomas Hayes.
"Technical traders and AI mania have pushed NVIDIA toward the $1 trillion cap and it is not inexpensive," noted Argus Research's Jim Kelleher.
"Given the valuation is well above the long-term average, there will be significant pressure to deliver high growth on a consistent basis, there could be volatility in its share price to come," stated Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown. (via Reuters)
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