The market value of chip manufacturer Nvidia (NASDAQ:NVDA) has surged past $3 tn, which lifts the company ahead of Apple (NASDAQ:MSFT). The share price rose over 5% on Wednesday, to more than $1,224.
This makes the company the second most valuable publicly listed company in the world, just behind Microsoft (NASDAQ:MSFT).
Nvidia’s increase began last year as investors bet that the company would be a major player in artificial intelligence (AI).
In February the company was valued at $2 tn. It kicked off a spate of share purchases last month by announcing plans for a stock split which will increase the number of shares by a factor of 10, reducing the value of an individual share and making the shares more affordable to small-time investors.
The split will take place tomorrow (Friday) which is expected to generate even more demand for Nvidia shares.
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.