Nvidia Reaches $1 Trillion Market Cap on Soaring Demand for AI Chips

Nvidia's quarterly profit exceeded Wall Street's forecasts as the company's AI chips are designed to perform tasks faster and more efficiently than general-purpose chips.
Nvidia produces about 80% of GPUs, which are chips designed to handle the math needed for AI computing and its stock price has jumped more than 180% this year due to new AI technology from companies like OpenAI and Google.
Nvidia highlighted its work with generative AI technology during its earnings call last week and reported a stronger-than-expected forecast for the second quarter.
The company also announced new products, including a new supercomputer meant to help establish the next generation of AI applications.
Nvidia joins the ranks of companies with a market cap of over $1 trillion, including Google, Microsoft, Saudi Aramco, Amazon, and Apple.