Nvidia's shares surged 27% on Thursday, bringing its market value to $974 billion, just under the $1 trillion mark. The chipmaker could soon become the fifth publicly traded US company to be worth $1 trillion, after Apple, Microsoft, Alphabet, and Amazon. Needham analyst Rajvindra Gill said that Nvidia would become the first semiconductor company with a trillion-dollar market cap. The company forecast $11 billion in sales for the second quarter of its fiscal 2024, citing demand for its graphics processors that power artificial intelligence applications.

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