The semiconductor company Nvidia crossed the trillion-dollar market capitalization mark, riding an AI-propelled boom to become the fifth company to pass the historic threshold. Nvidia shares rose nearly 6% in morning trading on Tuesday.
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The company's surge was sparked by the increased use of artificial intelligence products such as OpenAI's ChatGPT, which usually require Nvidia processors in order to operate. Nvidia processors have also been integral to the cryptocurrency industry, which use the processors to"mine" or create tokens through computing power.CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
“There’s a war going on out there in AI, and Nvidia today is the only arms dealer out there. So as a result we’re seeing this huge jump in revenues," Srini Pajjuri, managing director at the investment firm Raymond James, told investors on Thursday. Nvidia's leadership recently slammed federal restrictions on trade with China. Nvidia CEO Jensen Huang said on Wednesday that the growing number of export controls put on Chinese products by the Commerce Department could cause enormous damage to the U.S. markets.
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