Nvidia briefly reached a market value of $2 trillion for the first time, driven by high demand for its chips in the generative artificial intelligence sector, Reuters reports.
The company’s rapid growth, surpassing $1 trillion to $2 trillion in just eight months, has drawn comparisons to historical gold rush-era picks and shovels providers. The company’s strong revenue forecast contributed to global market highs, with its shares surging nearly 60% this year.
Despite hitting record highs, Nvidia’s valuation has decreased due to analysts’ increased estimates. However, the company is expected to continue experiencing growth as demand for AI-related technology remains strong.
