Nvidia is within touching distance of $1 trillion market value — poised to become only the ninth firm ever to hit that milestone — as the artificial intelligence frenzy boosts demand for processors that can accelerate computing.

The chipmaker would become the fifth publicly traded U.S. company to be currently worth $1 trillion. Apple created the club in 2018, while Microsoft, Alphabet and Amazon also now hold the distinction.

On Market Wrap, Hongbin Jeong speaks to Geoff Howie, Strategist at the SGX, to dissect Nvidia's stock surge, other key market movers, Singapore's latest inflation and GDP numbers, and US debt ceiling talks.