Chip maker Nvidia’s market value has surged past $3tn (£2.3tn), lifting the chipmaker ahead of Apple to become the second most valuable publicly listed company in the world.
The firm’s share price rose more than 5% on Wednesday, to more than $1,224.
It extended a breathtakingly rapid climb that started last year, powered by bets that the firm is positioned to be a major winner from a wave of investment in artificial intelligence (AI).
Its market value now sits just behind Microsoft, another key player in the industry thanks to its investments in Chat GPT-maker OpenAI.
Valued at “just” $2tn as recently as February, Nvidia sparked a new wave of share purchases after it announced plans last month for a so-called stock split.
The move will increase the number of shares by a factor of 10 and reduce their value accordingly, a change aimed at making shares more affordable to small-time investors.
Set to happen on Friday, it is expected to generate even more demand for the stock.
Founded in 1993, Nvidia was originally known for making the type of computer chips that process graphics, particularly for computer games.
Long before the AI revolution, it started adding features to its chips that it says help machine learning – all of which has helped it increase its market share.
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