Nvidia Corp. (NASDAQ: NVDA) is set to become the fifth U.S. company to have a $1 trillion market capitalization.
The semiconductor giant officially joins the trillion-dollar club, which includes Apple, Inc. (NASDAQ: AAPL) with $2.7 trillion; Microsoft Corp. (NASDAQ: MSFT) with $2.5 trillion; Alphabet, Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) with 1.6 trillion; and Amazon Inc. (NASDAQ: AMZN) with $1.2 trillion.
The milestone comes after a 35% rally over the last two weeks on the back of a massive boom in artificial intelligence (AI).
Nvidia Hits $1 Trillion
Other AI-Related Stocks Spike
Nvidia shares are up 170% year to date, but it is not the only AI-related company seeing a surge at this time. Other firms' share prices have risen in sympathy since the chipmaker revealed its astounding Q1 earnings last week:
Advanced Micro Devices, Inc. (NASDAQ: AMD) shares are up 30% over the past week.
Broadcom Inc. (NASDAQ: AVGO), up 27%
Taiwan Semiconductor Manufacturing Company (NYSE: TSM), up 20.5%
Micron Technology, Inc. (NASDAQ: MU), up 14%.
Nvidia's Q1 Earnings Fueled A Broad-Based AI-Driven Rally
AI has become as the hottest investing theme in 2023, leaving big trends such as Bitcoin (CRYPTO: BTCUSD), Ukraine, inflation, and electric cars in its wake, according to key data from Google Trends.
Searches for "artificial intelligence" have soared in recent months, surpassing all other topics in an extraordinary surge of interest, signaling a tectonic shift in the financial environment that coincides with the thriving performance of AI-related stocks.
The chart below displays Google searches worldwide for artificial intelligence (blue line), Ukraine (red line), Bitcoin (yellow line), electric vehicles (green line), and inflation (purple line) during the last year.
Now Read: Cathie Wood Challenges The Hype - Is Nvidia Really The Only AI Play?
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