Nvidia reaches $1 trillion market value, becoming first chip company to do so
Nvidia, an artificial intelligence and chip company headquartered in California, hit a $1 trillion market value on Tuesday, making it the first chip company to do so, according to Reuters.The company's stock rose 4.4% on Tuesday morning and about 25% over the past week. The reason? The demand for AI. The company engineers "the most advanced chips, systems, and software" for AI. Shares are now worth around $408. Nvidia is the leader in making AI chips, but some experts say that is overvalued, according to Forbes.
Last week, the company forecast their second-quarter revenue to be more than 50% above Wall Street estimates, leading analysts to increase their price targets, according to Reuters. The company said it is boosting production of the chips,...