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Yesterday chip maker Nvidia temporarily became the ninth company ever to reach a one trillion dollar market cap.
Shares for the tech giant reached a high of $405, pushing the company’s valuation just over a trillion. However, stock prices then took a small dip to leave Nvidia worth just under a trillion dollars.
he news comes only a week after the company reported strong earnings and a high revenue projection for next year.
The surge in Nvidia is believed to come from its connection to generative AI. As of this year, the company’s stock has risen by over one hundred and eighty percent.
Analysts believe that Nvidia has tapped into what is being called the AI gold rush, since the debut of generative programs like ChatGPT.