(Reuters) - Nvidia Corp on Tuesday became the first chipmaker to join Wall Street's trillion-dollar club dominated by technology heavyweights such as Apple Inc and Microsoft Corp.
The boom in artificial intelligence (AI) technology has driven a threefold surge in Nvidia's stock valuation in less then eight months, helping the chipmaker hit the trillion-dollar mark about 24 years after going public. iPhone maker Apple took 38 years to cross the lofty milestone.
Meta Platforms Inc and Tesla Inc, now valued at more than $600 billion, had briefly hit a trillion in valuation in 2021, before falling back into the billions.
The tech-heavy Nasdaq Composite has gained about 25% so far this year, after falling 33% in 2022.
Here is a list of companies with trillion-dollar market capitalizations, and those nearing the milestone:
COMPANY NAME MARKET VALUATION YEAR OF YTD
COMPANIES THAT HAVE REACHED $1 TRILLION IN VALUATION
Apple Inc $2.79 trillion 1980 up 36.7%
Microsoft Corp $2.47 trillion 1986 up 38.6%
Alphabet Inc $1.58 trillion 2004 up 40.3%
Amazon.com Inc $1.25 trillion 1997 up 44.6%
Nvidia Corp $1 trillion 1999 up 176.5%
COMPANIES NEARING $1 TRILLION IN MARKET CAPITALIZATION
Meta Platforms Inc $680.86 billion 2012 up 120.4%
Tesla Inc $632.95 billion 2010 up 62.5%
Visa Inc $451.07 billion 2008 up 6.2%
(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Devika Syamnath)