Nvidia becomes first company worth $5 trillion in market value
by Lisa Hornung · UPIOct. 29 (UPI) -- Nvidia became the first tech company to have $5 trillion market value Tuesday after stock scores rose more than 4%.
The company's stock has risen more than 50% this year.
The stock rise came one day after CEO Jensen Huang said the company expects $500 billion in AI chip orders and said the company will build seven supercomputers for the U.S. government, CNBC reported.
Also on Tuesday the company said it's taking a $1 billion stake in Nokia. The two companies will partner to develop next-generation 6G technology.
Huang has cultivated a close relationship with President Donald Trump. Tuesday, at the company's GTC AI conference in Washington, The Hill reported that he praised Trump in his keynote speech. He praised the administration's energy and manufacturing policies. Huang thanked the audience for "making America great again."
In September, Nvidia said it would invest up to $100 billion in Open AI as part of a partnership in which the chipmaker will add a processing boost to help train and run OpenAI's new generation of AI models. The investment will enable OpenAI to build and roll out at least 10 gigawatts of AI data centers.