Nvidia’s market value crossed $3 trillion for the first time Wednesday, propelling the chipmaker above Apple to become the second-most valuable company in the world.
The chipmaker, whose processors are central to powering the current artificial intelligence (AI) craze, saw its shares climb 5.16 percent Wednesday ahead of Friday’s stock split.
Microsoft remains the world’s most valuable company, with a market capitalization of $3.15 trillion. Nvidia inched just above the $3 trillion mark, with $3.01 trillion, while Apple remains close behind, right at $3 trillion.
Nvidia has seen a meteoric rise as major tech companies race to develop their AI capabilities, often using its graphics processing units (GPUs). The chipmaker crossed the $1 trillion mark for the first time in May 2023. Less than a year later, it crossed $2 trillion.
The company’s stock has steadily climbed since Nvidia announced plans to split its stock late last month. The 10-for-1 split will bring down the company’s share price without diluting investor holdings or the value of the company.