UPDATE—June 3, 2024: This article has been updated with the latest share price information and a photo of CEO Jensen Huang.

Shares in Nvidia (NVDA), which sits on the precipice of joining the exclusive $3 trillion 澳洲幸运5官方开奖结果体彩网:market capitalization club, rose in early trading Monday after Chief Executive Officer Jensen Huang said that the company’s next-generation artificial intelligence chip—branded as Rubin—would be released in 2026.

While Huang kept details about the new family of chips limited while at a trade show Sunday at National Taiwan University in Taipei, he said that they will include new 澳洲幸运5官方开奖结果体彩网:graphics processing units (GPUs) and central processing units (CPUs) as well as networking chips. In addition, Huang said the new CPU will be named Versa and that the next-gen GPUs u♔sed to power AI applications will bundle high-bandwidth memory.

Plans to Release New Family of Chips Each Year

The Nvidia chief also said that the company has plans to unveil a new family of chips each year, ramping up from its current release schedule of every two years. While chipmakers, such as Advanced Micro Devices (AMD) and Intel (INTC) have made inroads trying to capture a slice of the AI pie, Nvidia still controls roughly 80% of the AI 🍨chip market.

In the meantime, Nvidia plans to release its highly anticipated 澳洲幸运5官方开奖结果体彩网:Blackwell family of chips this year, with Huang telling investors on the company's fi𒁃rst-quarter earnings call last month that the Blackwell platform is in full production, noting that the company plans to start shipments in the second quarter before ramping up de🌸liveries in the third quarter.

Nvidia on Verge of Exclusive $3T 🌱Market Cap Club

Separately, Nvidia’s 27% rally in May, fueled by another 澳洲幸运5官方开奖结果体彩网:blowout quarterly earnings report, places it on the precipice of joining Windows maker Microsoft (MSFT) in the exclusive $3 trillion market capitalization club.

With 澳洲幸运5官方开奖结果体彩网:Nvidia’s market cap sitting at $2.7 trillion through Friday’s close, only Microsoft and iPhone maker Apple (AAPL), with respective market values of $3.09 trillion $2.95 trillion, were larger as of the end of last week.

Monitor This Key Chart Level

Nvidia shares have remained in a strong uptrend since the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) crossed above the 200-day MA in January last year to form a bullish 澳洲幸运5官方开奖结果体彩网:golden cross pattern. Following the stock’s earning’s gap to a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) on May 23, the price has continued its upward momentum, though saw some profit taking la✃te ♓last week.

If the pullback carries through to this week, investors should keep a close eye on the $970 level, where the price is likely to encounter a 澳洲幸运5官方开奖结果体彩网:confluence of support around its prior record close at $974 and earnings gap breakout point.

Nvidia shares were up 3.6% at $1,135.82 at around 9:50 a.m. ET, after losing g💝round in each of the previous two sessiꦍons.

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