Nvidia’s stock market value hits US$4 trillion

Growth sector: Servers with Nvidia chips in a data centre in London. Nvidia’s soaring value indicates Wall Street’s confidence in rapid AI growth. — Bloomberg

NEW YORK: Nvidia briefly reached a market capitalisation of US$4 trillion on Wednesday, making it the first company in the world to reach the milestone and solidifying its position as one of Wall Street’s most-favoUred stocks.

Shares of the leading chip designer rose as much as 2.8% to an all-time high of US$164.42, benefiting from an ongoing surge in demand for artificial-intelligence (AI) technologies.