Nvidia nears historic $5 trillion valuation in fresh AI-fueled rally

(Reuters) -Nvidia on Wednesday was within striking distance of becoming the first company to cross the $5 trillion market value mark, after a stunning rally that has made the chip designer the crown jewel of the artificial intelligence boom. Shares of the Santa Clara, California-based company jumped 2.8% in premarket trade after CEO Jensen Huang unveiled $500 billion in AI chip bookings and disclosed plans to build seven supercomputers for the U.S. government. Huang's announcements, made at Nvidia's developer conference in Washington, reinforced investor confidence in the company's role at the center of the global AI boom. One of the supercomputers, built with Oracle, will house 100,000 of Nvidia's Blackwell chips. Nvidia's rise toward a $5 trillion valuation comes as Apple and Microsoft each crossed $4 trillion, joining the ranks of tech giants reshaping global markets. Apple hit the mark on Tuesday on strong iPhone 17 sales, while Microsoft regained it after valuing its OpenAI stake at $135 billion. (Reporting by Niket Nishant and Rashika Singh in Bengaluru; Editing by Nivedita Bhattacharjee)

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