Nvidia
hit a $1 trillion market cap at the open Tuesday, joining a small club of mostly technology companies. Nvidia’s shares have to hold above $404.86 to maintain that distinction throughout the day.

The stock rose nearly 6% in late morning trading, hitting a fresh 52-week high.

The chipmaker’s shares rocketed last week after it posted quarterly earnings with top- and bottom-line numbers that significantly beat consensus estimates. Nvidia’s gain buoyed other chipmakers, with the notable exception of Intel
, and was also fueled in part by estimates that were more optimistic than expected.

Significantly, Nvidia forecast $11 billion in sales for the second quarter of fiscal 2024 alone. The expected sales were 50% higher than consensus estimates of $7.15 billion.