Nvidia Corporation has overtaken Microsoft and Apple to become the world’s most valuable public company.
Shares in the chip-maker closed up 3.5%, or $4.60, at $135.58, lifting its market valuation to about $3.35trillion.
The rally dethroned Microsoft from the top spot as investors bet on Nvidia continuing to play a central role in the AI market.
Earlier this month, Nvidia overtook Apple to become the second-most valuable company, before Apple fought back as its shares were lifted by the release of its AI strategy, including a partnership to bring OpenAI’s ChatGPT technology to Apple devices.
Nvidia was founded in 1993 by a trio including Jensen Huang, its chief executive. The company, based in Santa Clara, California, employs about 30,000 people.
Nvidia stock has surged almost 182% so far this year, against a rise of about 20% in Microsoft shares. Compared with a year ago, Nvidia’s stock has risen by almost 210%.
FTSE 100
The UK's flagship share index, the FTSE 100, was xxxxxxx shortly after opening this morning.
Brent crude oil futures were down 0.42%, trading at $84.97 a barrel.
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