News Formal

Nvidia hits US$1 trillion in market value on booming AI demand

  • 📰 CTVNews
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 99%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Nvidia Corp on Tuesday became the first chipmaker to join the trillion-dollar club, as the company bets on a surge in demand for its AI chips that power chatbot sensation ChatGPT and many other applications.

Taiwan Semiconductor Manufacturing Co Ltd is the next largest chipmaker globally, valued at about US$535 billion.

Wall Street analysts called Nvidia's forecast "unfathomable" and "cosmological," hiking their price targets in droves. The highest price target valued the company at about $1.6 trillion, on par with Google-parent Alphabet. AI took centre stage after Nvidia stunned investors with a revenue forecast last week that surpassed analysts' expectations by more than 50%.

Nvidia's shares rose about 25% 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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in CA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nvidia surpasses US$1 trillion market valuation - BNN BloombergNvidia Corp. became the world’s first chipmaker with a US$1 trillion market capitalization, joining the ranks of just five American companies with valuations that high.
Source: BNNBloomberg - 🏆 83. / 50 Read more »