Shares of chip and AI stocks, led by Nvidia (NASDAQ: NVDA), are rallying at the time of writing on Tuesday after the chip giant unveiled several new products, including a supercomputer, at the Computex event held in Taipei, Taiwan. The company is also developing a hyperscale generative AI supercomputer called Israel-1, which is likely to be deployed at its Israeli data center.
The company joined the $1 trillion market cap club as the stock is currently trading above $411 per share. For reference, the price needs to be above $404.86 per share to remain above $1 trillion. This makes Nvidia the first chip company to reach such a milestone.
Nvidia’s robust quarterly results and strong chip demand have further fuelled this rally. Other AI and chip stocks, including AMD (AMD), and C3.ai (AI), were also up, while Marvell Technology (MRVL) gained after an earnings beat and an AI-driven outlook.
The strong stock rally in chips and AI stocks has also led to the Global X Artificial Intelligence & Technology ETF (AIQ) shooting up by more than 25% year-to-date.
