US chipmaker's market value approaches $1 trillion

California-based chipmaker Nvidia's stock value rose nearly 30 percent after revenue estimates exceeded expectations, bringing the company's market value close to $1 trillion. Nvidia's stock increased by 28.4 percent to $394.80. With the rise in its shares, Nvidia's market value also approached $1 trillion. The rise in the company's shares was influenced by Nvidia's sales estimates for the next quarter exceeding market expectations. In Nvidia's balance sheet announced yesterday, it was reported that revenue expectations for the next quarter were $11 billion. Market expectations were for this to be around $7.2 billion. Nvidia CEO Jensen Huang also said that the rise of language-developing tools such as OpenAI's ChatGPT and other artificial intelligence applications is increasing the demand for computing power. Nvidia's better-than-expected revenue outlook also helped to increase the shares of other chipmakers and companies developing artificial intelligence applications. Shares of US semiconductor company AMD gained more than 10 percent, shares of Google's parent company Alphabet gained more than 2 percent and shares of Microsoft gained more than 3 percent.