Nvidia's market value has surged past $3tn, lifting the chipmaker ahead of Apple to become the second most valuable publicly listed company in the world. The firm's share price rose more than 5% on Wednesday, to more than $1,224. It extended a breathtakingly rapid climb that started last year, powered by bets that the firm is positioned to be a major winner from a wave of investment in artificial intelligence (AI).
Founded in 1993, Nvidia was originally known for making the type of computer chips that process graphics, particularly for computer games. Long before the AI revolution, it started adding features to its chips that it says help machine learning - all of which has helped it increase its market share.
His company has seen explosive growth, reporting sales of $26bn in the three months to 28 April - more than triple the same period in 2023, and up 18% from the previous three months. Optimism about AI is one of the forces behind a broader market rally over the last year.
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