Nvidia has hit a new milestone, becoming the first company in the world to reach a market value of $5tn (£3.8tn).
The US chip giant has rapidly climbed from a niche graphics-chip designer to an AI titan, as euphoria about the potential of artificial intelligence keeps driving demand for its chips and propelling its stock to record highs.
The company reached a market value of $1tn for the first time in June 2023 and hit the $4tn valuation mark just three months ago.
Shares in the chip-maker rose as much as 5.6% to more than $212 on Wednesday morning, boosted by investor optimism about Nvidia’s sales in China, which has been a geopolitical flashpoint.
The world’s most valuable company – the biggest winner in the AI spending spree – has soared past its rivals in the technology sector.
It has struck deals with leading AI companies including OpenAI and Oracle as its chips continue to power the AI boom.
Nvidia’s value now exceeds the GDP of…
