Nvidia briefly passes $3 trillion market cap on back of AI boom

Nvidia Surpasses $3 Trillion Market Cap in AI Boom #

Nvidia has achieved a market cap of over $3 trillion, joining the league of Apple and Microsoft. The company’s stock price has risen by more than 3,224% in the last five years. Nvidia’s success can be attributed to its production of chips that power the artificial intelligence (AI) industry. The demand for its expensive and powerful AI chips has shown no signs of slowing down. In the first quarter, Nvidia reported sales of $26 billion, beating Wall Street expectations. The company expects to report revenue of about $28 billion in the current quarter. Nvidia’s stock is also set to split 10-1 later this month.