Nvidia (NASDAQ: NVDA) made history earlier this year by becoming the first chipmaker to reach a trillion-dollar valuation. That explosive growth was mainly driven by the rapid expansion of the artificial intelligence (AI) market, which drove data center operators to purchase more of Nvidia's high-end GPUs to process complex AI tasks.

Nvidia's stock eventually closed at an all-time high of $493.51 on Aug. 31, which boosted its market cap to $1.2 trillion. But by the final week of October, Nvidia briefly slipped below the $1 trillion mark. It has since bounced back to about $1.1 trillion as of this writing, but can Nvidia stay in the elite 12-zero club throughout 2024?

Nvidia CEO Jensen Huang. Image source: Nvidia.

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Source Fool.com