Nvidia’s market capitalization surpassed $3 trillion for the first time on Wednesday, making the chipmaker the world’s second-most valuable company, surpassing Apple.
Shares in the chipmaker, which makes processors at the heart of the current artificial intelligence (AI) boom, rose 5.16% on Wednesday ahead of a stock split on Friday.
Microsoft remains the world’s most valuable company with a market cap of $3.15 trillion, with NVIDIA just edging past the $3 trillion mark at $3.1 trillion, and Apple close behind at $3 trillion.
Nvidia has been growing rapidly as major tech companies race to develop AI capabilities using its graphics processing units (GPUs). The company surpassed the $1 trillion mark for the first time in May 2023, and surpassed the $2 trillion mark less than a year later.
The company’s shares have risen steadily since Nvidia announced plans to split its stock late last month. The 10-for-1 split will lower the company’s stock price without diluting investors’ holdings or the company’s value.
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