Nvidia has overtaken Apple to become the world’s second most valuable public company.
The AI microchip maker’s share price has risen to be worth more than $3trn (£2.34trn).
Only Microsoft is a more valuable company listed on a stock exchange, while Apple has fallen into third place.
Meteoric rise
Nvidia shares rose 5% on Wednesday after a year of growth – with one share now costing $1,224.40 (£957).
A year ago a share was priced at $386.54 (£302), but investors have flocked to the firm to invest in AI.
As recently as February, Nvidia was valued at $1trn less than now, but fresh interest was created after it announced a “stock split”, which will take place on Friday.
Such a move will increase the number of shares available – so more people can invest – and reduce the share value as a result.
The value of public companies is measured by the number of shares issued and the…