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

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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.

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