Nvidia’s (NASDAQ:NVDA) share price climbed to an all-time high on Tuesday, boosting its value to make it the world’s highest valued company.

The company’s stock price finished the trading day at almost $136, a rise of 3.5%, which means the company is now valued at $3.34 trillion. The price has nearly doubled since the start of this year.

Yesterday’s rise makes Nvidia more valuable than Microsoft (NASDAQ:MSFT). It overtook Apple (NASDAQ:AAPL) earlier this month.

Eight years ago the stock was worth less than 1% of its current price.

Demand for the company’s computer chips has been boosted by the rise of artificial intelligence (AI) software, and this has increased its profits. Investors believe its earnings have potential to grow even further, and that has pushed the share price to its new heights.

In May, after its latest set of financial results were published, Quilter Cheviot technology analyst Ben Barringer said the company had “once again cleared a very high hurdle.”

He added, “Demand is showing no signs of switching off either.”