Shares of Nvidia rose more than 3% on Wednesday, making the tech giant the first company to cross the $5 trillion market value threshold.
The extraordinary milestone reflects a remarkable rise for the company, which has evolved from a niche developer of video game processors to an integral player in the artificial intelligence boom.
Nvidia’s stock, which closed up 5% on Tuesday, has climbed more than 50% year to date.
The latest move higher comes shortly after CEO Jensen Huang said Nvidia expects $500 billion in artificial intelligence chip orders and announced plans to build seven new supercomputers for the U.S. government.
Separately, Nvidia announced Tuesday that it is taking a $1 billion stake in Nokia, forming a strategic partnership with the networking company to develop next-generation 6G cellular technology.
U.S. stocks, fueled by the AI trade, climbed to record highs on Tuesday. The major averages were boosted by gains in tech, with Apple and Microsoft both reaching a market value of more than $4 trillion after their shares rose.
