The world has a new second-most valuable public company: artificial intelligence microchip maker Nvidia.
Riding the rise of artificial intelligence (AI): Nvidia’s share price has risen to the point that it is now worth more than $3bn (£2.34bn) and has surpassed Apple.
Only microsoft is a most valuable publicly traded company, while Apple has fallen to third place.
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meteoric rise
Nvidia shares rose 5% on Wednesday after a year of growth. One share now costs $1,224.40 (£957).
A year ago, one share was priced at $386.54 (£302), but investors have flocked to the company to invest in AI.
As recently as February, Nvidia was valued at $1 trillion less than it is now, but recently announced what’s called a “stock split,” sparking new interest.
Such a measure will increase the number of shares available, so more people will be able to invest, and, as a result, reduce the value of the shares. This will take place on Friday.
The value of public companies is measured by the number of shares issued and the price of those shares.
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The AI race
Tech companies, including Microsoft and Apple, have been racing to develop AI and incorporate it into their products.
Nvidia is a younger company than some of its peers and was founded in 1993. Like many tech giants, it was founded in California, USA.
It has been developing microchips since its inception and has been adding machine learning features to its products for years.
The American multinational corporation and technology company is headquartered in Santa Clara, California.
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