Nvidia’s market value has risen to over $3 trillion, overtaking Apple to become the second most valuable publicly listed company in the world.
The company’s share price rose more than 5% on Wednesday, to more than $1,224.
It continues an incredibly swift rise that began last year, fueled by predictions that the company will be a major beneficiary of a surge in investment in artificial intelligence (AI).
Nvidia’s market value now ranks just behind Microsoft, another significant industry player due to its investments in OpenAI, the creator of ChatGPT.
Valued at $2 trillion as recently as February, Nvidia ignited a fresh wave of share purchases after announcing plans for a stock split last month.
Founded in 1993, Nvidia initially gained recognition for producing computer chips that process graphics, especially for video games. However, it company began to add several features to its chips, a move the company said will aid machine learning.
It is now regarded as a key company to watch to gauge how quickly AI-powered technology is spreading throughout the business world.
Earlier this year, Apple seemed to be falling behind as its sales growth stalled. However, in recent weeks, its shares have been lifted by anticipation of how it plans to integrate AI into its strategy.
