Nvidia closes at record as AI chipmaker's market cap tops $3.4 trillion

Oct. 14, 2024 - CNBC

Jensen Huang, co-founder and CEO of Nvidia, speaks during an event in Taipei, Taiwan, on June 2, 2024. Nvidia shares closed at a record on Monday as Wall Street gears up for earnings season and updates from all of the chipmaker's top customers on their planned spending on artificial intelligence infrastructure.

Nvidia's graphics processing units, or GPUs, are used to create and deploy advanced AI models that power ChatGPT and similar applications. Companies including Microsoft , Meta , Google and Amazon are purchasing Nvidia GPUs in massive quantities to build increasingly large clusters of computers for their advanced AI work.

With a market cap of $3.4 trillion, Nvidia is the second-most valuable publicly traded U.

S. company, behind Apple at about $3.

55 trillion...