Chip manufacturer Nvidia has become the most valuable company in the world, ahead of technology giants Microsoft and Apple, writes Reuters. The company's shares rose 3.5% to $135.58, increasing its market capitalization to $3.335 trillion.
Nvidia shares rose to a record high and increased its market capitalization by more than $110 billion.
Nvidia has also become the most traded company on Wall Street, with daily sales recently averaging $50 billion, compared with about $10 billion for Apple, Microsoft and Tesla.
According to the latest data, Microsoft's market value is $3.317 trillion, the company's shares fell 0.45%. Apple shares fell more than 1%, leaving their value at $3.286 trillion.
The company owes this result to the increased demand for chips used in the creation of artificial intelligence.
Tech giants Microsoft, Meta Platforms and Google owner Alphabet are competing to expand their artificial intelligence computing capabilities and add the technology to their products and services.
Demand for Nvidia's AI processors, which are seen as far superior to competitors' offerings, has limited supply, and many investors view Nvidia as the biggest winner today thanks to its AI boom.
