Nvidia has become the first semiconductor company to reach a $1 trillion market capitalization, joining an elite club that includes Apple, Microsoft, Amazon, and Alphabet. The milestone caps a remarkable rally driven by the company's dominance in chips for artificial intelligence.

Nvidia's GPUs have become essential infrastructure for training large language models like ChatGPT. Data centers worldwide are racing to secure supply of the company's latest H100 chips, which are backordered for months.

CEO Jensen Huang has described AI as a new computing era that will drive sustained demand. "We're at the iPhone moment of AI," he said.