Nvidia stock soars: How the AI boom lifted the chipmaker's market cap

There are just a handful of companies that have surpassed the $1 trillion market cap, including Google parent Alphabet, Microsoft, Saudi Aramco, Amazon and Apple. On Tuesday, California-based Nvidia's market cap jumped high enough to be among their ranks. The chipmaker, which makes graphics processing units (GPUs) that help power generative artificial intelligence platforms, has seen its stock price soar as more companies look to expand their AI offerings. Nvidia hit a market cap of $1 trillion Tuesday with shares opening at $405.95, although it eased below that milestone by midday after shares dipped below $404.86. The company's valuation puts it above Facebook parent company Meta, Warren Buffett's Berkshire Hathaway and Elon Musk's Tesla.