AI chip giant Nvidia nears trillion dollar valuation

The market valuation of Nvidia, a US firm which specializes in chips coveted in the artificial intelligence boom, neared one trillion dollars on Thursday after the company blew past quarterly earnings expectations.

Nvidia shares surged as much as 27 per cent, putting them on course for a record performance with a market cap above $900 billion.

If Nvidia hits the one-trillion mark, it will join a club of only five companies — all US tech giants except Saudi Aramco, the oil behemoth.