Nvidia’s logo.
Illustration by Alex Castro / The Verge

Nvidia has officially hit a $2 trillion market capitalization, making it the first chipmaker to cross the threshold. It’s also the third US company to reach over a $2 trillion valuation, right behind Apple ($2.83 trillion) and Microsoft ($3.06 trillion).

The California-based company has seen rapid growth over the past year due to its leadership in the AI chip market. Nvidia’s market cap reached $1 trillion only less than one year ago, and it left both Amazon and Alphabet in the rearview mirror as it became a $1.83 trillion company earlier this month.

As part of its earnings report last week, Nvidia revealed a record $60.9 billion in revenue in 2023, marking a 126 percent increase from 2022. Other companies, like OpenAI, Microsoft, and…

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