Nvidia surpasses US$3 trillion and overtakes Apple as second most valuable company

Nvidia’s market value surpassed $3 trillion for the first time on Wednesday, propelling the chipmaker above Apple to become the world’s second most valuable company.

The chipmaker, whose processors are key to driving the current artificial intelligence (AI) craze, saw its shares rise 5.16 percent on Wednesday ahead of Friday’s stock split.

Microsoft remains the most valuable company in the world, with a market capitalization of $3.15 billion. Nvidia inched just above the $3 trillion mark with $3.01 trillion, while Apple remains close behind with $3 trillion.

Nvidia has seen a meteoric rise as big tech companies rush to develop their AI capabilities, often using its graphics processing units (GPUs). The chipmaker surpassed the $1 trillion mark for the first time in May 2023. Less than a year later, it surpassed $2 trillion.

The company’s shares have been rising steadily since Nvidia announced plans to split its shares late last month. The 10-for-1 split will reduce the company’s share price without diluting investors’ holdings or the company’s value.

This story originally appeared on thehill.com read the full story