Artificial intelligence chipmaker Nvidia has surged to a record high, surpassing $3 trillion in market value, overtaking Apple to become the world's second most valuable company. The rise is seen as a major shift in Silicon Valley's tech world, long dominated by Apple.
Shares of Nvidia rose 5.2% on the day to $1,224.40, giving the company a market value of $3.012 trillion. Apple's value was 3.003 trillion dollars. Microsoft is still the world's most valuable company with a value of $3.15 trillion.
Nvidia shares are up 147% in 2024, indicating that tech giants such as Microsoft, Meta, and Google see huge potential in AI and are investing heavily in the technology. Nvidia is currently generating significant revenue in the AI space, which could further increase the company's market value.
