Nvidia is set to become the first chip company to reach a trillion dollar valuation. Bumper results and a claim to be the only company capable of providing enough semiconductors for the AI revolution helped add $170 billion to Nvidia’s market value on Wednesday – the largest-ever one day gain for a US stock. Barclays called it the “beginning of a paradigm-altering generative AI wave” on which Nvidia will be the first to surf. Other chip makers also rose on the news, as did Google and Microsoft, the owner of OpenAI. But shares in Intel, one of Nvidia’s competitors, fell 5 per cent. A reminder from the era of Big Tech: monopolies aren’t forever, and nor do they serve consumers.