Salem Radio Network News Tuesday, October 3, 2023


Nvidia set to become first US chipmaker valued at over $1 trillion

(Reuters) -Nvidia Corp was on track on Tuesday to breach $1 trillion in market capitalization for the first time, making it the first U.S. chipmaker to join the trillion-dollar club.

The company’s shares were last up 3.8% at $404.17 in premarket trading.

Meta, valued at about $670 billion as of last close, clinched the trillion-dollar market capitalization milestone in 2021, while Apple Inc, Alphabet Inc, Microsoft Corp and Inc are the other U.S. companies that are part of the club.

AI took center stage after Nvidia stunned investors with a revenue forecast that surpassed analysts’ expectations by more than 50%.

The Philadelphia SE Semiconductor index closed at its highest in over a year last week after Nvidia’s stellar results powered other chipmakers higher.

(Reporting by Medha Singh and Akash Sriram in Bengaluru; Editing by Shounak Dasgupta)


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