Nvidia has hit a new milestone, becoming the first company in the world to reach a market value of $5tn (£3.8tn). The US chip-maker has rapidly climbed from a niche graphics-chip manufacturer to an AI titan, as euphoria about the potential of artificial intelligence keeps driving demand for its chips and propelling its stock to record highs. The company reached a market value of $1tn for the first time in June 2023 and hit the $4tn valuation mark just three months ago . Shares in the chip-maker rose as much as 5.6% to more than $212 on Wednesday morning, boosted by investor optimism about Nvidia's sales in China, which has been a geopolitical flashpoint. The world's most valuable company - the biggest winner in the AI spending spree - has soared past its rivals in the technology sector.

The AI job cuts are here - or are they? Amazon's move this week to slash thousands of corporate jobs fed into a longstanding anxiety: that Artificial Intelligence is starting to replace workers. The tech giant joined a growing list of companies in the US that have pointed to AI technology as a reason behind layoffs. But some question whether AI is fully to blame - and have voiced scepticism that recent high-profile layoffs are a telling sign of the technology's effect on employment. Chegg, the online education firm, cited the new realities of AI as it announced a 45% reduction in workforce on Monday.