Nvidia temporarily became a $1 trillion company on Tuesday morning, with its rising valuation fueled by tech companies large and small rushing to add generative artificial intelligence tools to their products. AI tools made up the vast majority of recent Google I/O and Microsoft Build presentations, and Nvidia’s chips make it a key vendor for companies trying to build something with AI.
Its valuation surpassed the trillion dollar benchmark as trading opened today at just over $405 per share, putting it in the thin air previously occupied by only a few large companies such as ‘Apple and Microsoft after surpassing the significant mark in August 2018 and August. 2019, respectively. Amazon and Google are the other tech stocks in the club, and Meta is a former member.
When the market closed on Monday, the stock had fallen back to $401.11 after peaking at around $419. That makes Nvidia’s stock worth “only” around $992 billion, taking it out of the $1 trillion club, for now.
Updated May 30, 7:39 p.m. ET: Updated to reflect NVDA’s closing price.