Nvidia has overtaken Microsoft as the world’s most valuable company.
The chipmaker’s market capitalization rose to $3.34 trillion on Tuesday, just above Microsoft’s $3.32 trillion market cap.
Nvidia’s latest milestone comes less than two weeks after the company crossed the $3 trillion market cap mark for the first time, overtaking Apple to become the world’s second-largest company.
The company’s graphics processing units (GPUs) are at the heart of powering tech companies’ wildly popular artificial intelligence (AI) models, and its stock price has soared, surpassing $1 trillion for the first time a little over a year ago and surpassing $2 trillion nearly four months ago.
Nvidia shares have risen 180% since the start of the year and closed at $135.58 on Tuesday. The chipmaker split its stock last week, lowering its price by 10%, putting it back within reach of more investors.
On Tuesday, the S&P 500 rose 0.25% and the Nasdaq Composite rose 0.029%, both hitting record highs. The Dow Jones Industrial Average also rose 56.76 points, or 0.15%, in the second quarter.
