Nvidia close to becoming first trillion-dollar chip firm after stellar forecast

Nvidia Corp.’s optimistic earnings forecast, signalling the game-changing potential of AI, has pushed the chip designer’s stock to a 25% increase and a market value of almost $1tn, more than double its value at the start of 2020. Data shows that 27 analysts lifted their price targets on the company given its dominance in the chip market for AI-powered services. The company also said that $1tn worth of equipment in data centres would eventually have to replace AI chips.