Graphics chip giant Nvidia has become the world’s largest company by market capitalisation, surpassing Apple, in the artificial intelligence (AI) era.
Nvidia was valued at $3.43 trillion at the close of market late on Tuesday, crossing Apple’s $3.38 trillion market value.
Jensen Huang-led Nvidia for the first time pushed past Apple in June, though only for a day.
The company’s stock rose 2.9 per cent to $139.93, resulting in a market capitalisation of $3.43 trillion. The chipmaker now accounts for 7 per cent of the weight of the S&P 500 Index.
Microsoft currently has a market cap of $3.06 trillion.
In its second quarter ended July 28, Nvidia reported revenue of $30 billion, up 15 per cent from the previous quarter and up 122 per cent from a year ago.
“Hopper demand remains strong, and the anticipation for Blackwell is incredible,” said Huang. “Nvidia achieved record revenues as global data centers are in full throttle to modernise the entire computing stack with …