Nvidia Corp. shares soared 24% after the semiconductor maker’s sales forecast smashed expectations, putting it within touching distance of $1 trillion market value.

If the premarket gain holds, Nvidia’s value would rise by $181 billion to an all-time high of $936 billion. The company raised its outlook based on voracious demand for chips used in artificial intelligence applications.

“What can we say other than just wow,” Evercore ISI analyst CJ Muse said in a note. “The obvious drivers here are accelerated computing and generative AI, but the magnitude of the beat amid supply constraints is just amazing.”

Nvidia Soars After AI-Fueled Forecast Shatters Expectations

The market value addition would rank among the biggest in US history. Apple Inc.’s $191 billion one-day pop in November and a slightly smaller surge in Amazon.com Inc. in February 2022 top the record books.

--With assistance from Henry Ren.

(Adds premarket trading, comments)