NEW YORK: Nvidia was set to open above a US$5 trillion market value on Wednesday, becoming the first company to reach the milestone after a powerful rally that has made the chip designer the centerpiece of the artificial intelligence boom.
Shares of the Santa Clara, California-based company jumped 2.8% in premarket trade after CEO Jensen Huang announced US$500 billion in AI chip orders and plans to build seven supercomputers for the US government.
The milestone marks Nvidia’s evolution from a niche graphics-chip maker into the backbone of the global AI industry, vaulting past peers Apple, Microsoft and Alphabet and turning Huang into a Silicon Valley icon.