Rising demand in artificial intelligence (AI) technology has prompted chip maker Nvidia to join the 'trillion dollar group'.
Nvidia's market value hit $1 trillion at the open on Tuesday, before paring gains to $992 billion.
Although only temporary, but the achievement is quite meaningful for the company.
It became the ninth company worldwide to achieve such a feat, where currently only five companies have reached a market value of $1 trillion including Apple, Microsoft, Alphabet (Google), Amazon and Saudi Aramco.
Nvidia sent Wall Street into a frenzy last week after reporting strong earnings and a very strong revenue forecast for next year.
Thanks to the recent AI boom, the report has pushed stock prices higher over the past week.
Nvidia released a chip that powers AI, a type of artificial intelligence that can create new content, such as text and images, in response to user requests.
In fact, it's also the type of AI that underlies ChatGPT, Google's Bard, Dall-E, and many other new AI technologies.
