Nvidia temporarily becomes part of the $1 trillion valuation club

Nvidia Corp briefly reached a $1 trillion market value on May 30, 2023

The company's value has tripled since October 2022, fueled by the AI boom and growth in generative AI technology

Nvidia outperformed all other members of the S&P 500 index during this period

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The chipmaker produces 80% of graphics processing units (GPUs) used in generative AI, attracting attention from tech giants

Nvidia has successfully pivoted to the data center market, benefiting from trends like gaming, cloud adoption, and crypto mining

Despite high valuations, analysts expect future growth, as adoption of generative AI technology is still at an early stage