By Dean Seal

Shares of Nvidia hit an all-time high when the market opened on Tuesday as the artificial-intelligence revolution continues to drive record demand for the company's graphics chips.

The stock opened 4.2% higher at $405.95 and kept gaining from there, reaching an all-time high of $415.50.

The gains pushed Nvidia's market capitalization above $1 trillion, based on the most recent disclosures about the company's shares outstanding, making it the seventh U.S. company to hit a 13-figure market cap.

Nvidia's shares have been soaring in recent weeks after the company said the AI boom has boosted its sales to record levels. They have nearly tripled since the start of the year.

The Wall Street Journal reported Monday that chips used for AI are almost all made by Nvidia and that the boom in demand has been outpacing supply following the success of ChatGPT.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 30, 2023 10:03 ET (14:03 GMT)

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