Nvidia joins the $1 trillion club

Nvidia joins the $1 trillion clubCredit: CNN

CNN

4 months ago

Stellar earnings and a huge surge in share price have landed Nvidia a prime spot in one of the most exclusive clubs on Wall Street: The chipmaker hit a market cap of $1 trillion on Tuesday.

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According to a report from CNBC, Nvidia has become the fourth U.S. company to reach a market capitalization of $1 trillion, joining the ranks of Apple, Amazon, and Microsoft. The company's stock has surged more than 500 percent in the past year, driven by the success of its gaming and data center businesses, which have benefited from the coronavirus-fueled shift to remote work. Nvidia has also seen success in the auto industry as automakers invest heavily in self-driving technologies. As Nvidia continues to expand into new markets, its stock price is expected to continue to reach new highs.

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