AI boom drives trillion-dollar tech valuations and record bets on chipmakers

Top technology companies hit fresh valuation milestones in October, as their shares climbed on expectations of robust demand for AI chips and computing infrastructure driven by the artificial intelligence boom.

Nvidia‘s shares jumped nearly 11% over the past month, adding about $500 billion in market value as it became the first company to reach a $5 trillion valuation. Chief executive Jensen Huang this week announced $500 billion in AI chip orders and plans to build seven supercomputers for the US government.

Tech shares have risen sharply on…