Tokyo Electron's market cap surpasses Sony on Nvidia boost

TOKYO -- Chipmaking equipment manufacturer Tokyo Electron on Thursday became Japan's third-most valuable company in terms of market capitalization, besting such mainstays as Sony Group, thanks to the buzz surrounding Nvidia and artificial intelligence.

Tokyo Electron's market cap closed at 17.25 trillion yen ($114.6 billion), with the share price having gained 6% to finish at 36,580 yen. After U.S. chipmaker Nvidia released blockbuster earnings Wednesday, investors in Tokyo flocked to semiconductor-industry stocks.