Nvidia’s market value rose past $3tn to overtake Apple on Wednesday as the world’s second-most valuable company, following a year of incredible growth driven by demand for its artificial intelligence chips.
The US chip designer’s shares rose about 5 per cent to push its market capitalisation ahead of Apple for the first time — ending the day at $3.01tn, according to Bloomberg data, marginally ahead of Apple’s $3tn. The iPhone-maker lost its spot as the most valuable listed company to Microsoft earlier this year.
Investors have flocked to Nvidia’s stock as tech groups such as Google, Microsoft and Meta spend billions of dollars on its chips, with no indication that their spending spree will slow in the near future.
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