Nvidia overtook Microsoft to become the most valuable company in the world.
The chipmaker’s market capitalization rose to $3.34 trillion on Tuesday, surpassing only Microsoft, which is valued at $3.32 trillion.
The latest milestone for Nvidia comes less than two weeks after surpassing the $3 trillion mark for the first time and overtaking Apple as the world’s second most valuable company.
The company, whose graphics processing units (GPUs) are key to powering the tech company’s highly popular artificial intelligence (AI) models, has seen rapid growth, surpassing $1 trillion for the first time just over a year ago and $2 trillion almost four months earlier.
Nvidia shares, which have risen 180 percent since the start of the year, closed at $135.58 on Tuesday. The chipmaker split its shares last week, reducing its share price by 10 and bringing its shares back within the reach of more investors.
The S&P 500 rose 0.25 percent and the Nasdaq Composite rose 0.029 percent on Tuesday, both hitting record highs. The Dow Jones Industrial Average also rose 56.76 points, or 0.15%.
This story originally appeared on thehill.com read the full story
