Nvidia’s market capitalization exceeds $1 trillion

California-based chipmaker Nvidia has a market value of more than $1 trillion.

US chipmaker Nvidia hit a market value of $1 trillion at today’s open, joining the club of mostly tech companies.

Earnings at Nvidia, whose shares soared after posting quarterly earnings last week, also helped other chipmakers, excluding Intel, to revive.

Shares of the company rose more than 4 percent to $409 on the New York Stock Exchange today.

The California-based chipmaker forecasts sales of $11 billion for the first quarter of 2024. Market expectations were that it would be at $7.2 billion.

It was a successful year for chipmakers, the tech industry and the Nasdaq, with artificial intelligence and the slowing of rate hikes by the Federal Reserve.

Along with Nvidia, Alphabet, Meta and Microsoft also rose in last week’s trading.

The market value of Nvidia, whose shares have risen 166.5 percent since the start of the year, has put it among companies with a market value of $1 trillion, including Apple, Alphabet, Amazon and Microsoft.