Nvidia's shares surged by 27.6% in extended trading, pushing the company closer to a $1 trillion market cap. The increase in share price was driven by the company's Q1 report, which revealed a 19% quarter-on-quarter rise in revenue, surpassing expectations.

Nvidia is a leading producer of cutting-edge chips that are crucial for training AI services, a sector that has seen a surge in investment due to the hype surrounding OpenAI's ChatGPT and similar AI-powered tools.

The strong performance of Nvidia's shares has also boosted the growth of other AI-related companies, including Advanced Micro Devices, Microsoft, Google, C3.ai, and Palantir Technologies.