Chip-manufacturing giant NVIDIA (NDVA) surpassed a $1 trillion market cap, bringing the company’s total value close to that of all cryptocurrencies in the world combined.
The company’s stock opened at $405.96 on Tuesday, before rising as high as $416.39 by 9:50 am ET. The 6% pump marked a 52-week high for the company.
Shares have since cooled to just $402.53 a piece as of 12:47 pm ET, bringing them slightly below the $404.86 level needed to maintain a $1 trillion value.
The chipmaker’s stock began soaring last week after publishing quarterly earnings results well above consensus estimates, uplifting other firms in the industry. Despite initially tanking when the market opened, Intel (INTC) has now also risen by 3.17% on the day.
Both NVIDIA and Intel have been tied to the cryptocurrency mining industry, helping design the specialized computer hardware needed to mine coins in the most cost-effective manner.
Back in September, Chinese vendors for NVIDIA-built graphical proces
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