- Nvidia’s march to $1 trillion market cap has been helped by the AI boom.
- The company joins Apple, Microsoft, Alphabet, Amazon and Saudi Aramco in this exclusive club.
- Crypto AI tokens like Render, SingularityNET, Fetch.ai and Akash Network have also surged amid the AI hype.
Nvidia Corp (NVDA) joined an elite club of U.S. companies sporting a $1 trillion market value on Tuesday, as investors piled into the chipmaker that has quickly become one of the biggest winners of the AI boom.
The growing positive forecasts around AI are also cascading into the ecosystems of leading artificial intelligence-powered cryptocurrencies. Many of these rose on Tuesday.
Akash Network (AKT), which provides an open and P2P marketplace for cloud resources, saw the native token rise nearly 20%.
Dynex (DNX) , a neuromorphic supercomputer, rose 35%. Meanwhile, top AI tokens that have soared in recent weeks amid the broader market hype including Render (RNDR), SingularityNET (AGIX) and Fetch.ai (FET) all gained more than 5%.
Nvidia’s march to $1 trillion market cap
Nvidia, for a long time the leading maker of video game graphics cards, has seen its valuation more than double in the past six months. The company’s fortunes in the market have spiked amid the huge demand for generative AI tools takes the world by storm.
Now the company is looking to establish itself in the exclusive club of just five, four being US companies, valued at $1 trillion or more. Market analyst Holger Zschaepitz pointed this out in a tweet.
— Holger Zschaepitz (@Schuldensuehner) May 30, 2023
As of May 2023, this club is led by Apple, which currently has a market cap of over $2.8 trillion. Microsoft Corp is valued at $2.47 trillion, Alphabet at $1.57 trillion and Amazon at $1.24 trillion. The non-US company in this category is oil giant Saudi Aramco.
Tesla, Meta, and PetroChina, a Chinese oil giant, previously hit this milestone.
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