Nvidia has overtaken Apple to become the world's second most valuable public company.The AI microchip maker's share price has risen to be worth more than $3trn for the first time. Only Microsoft is a more valuable company listed on a stock exchange, while Apple has fallen into third place.Nvidia shares rose 5% after a year of growth - with one share now costing $1,224.40 .Nvidia's chips are powering much of the rush into AI, which has seen it become a poster child of the AI boom.
Demand for its processors from the likes of Google, Microsoft and Facebook owner Meta have been outstripping supply. Nvidia's shares - up nearly 150% so far this year - are also being boosted by an upcoming move to split its stock by 10-to-one on Friday. Ian Coatsworth, investment analyst at AJ Bell, said the stock split will 'bring its share price down and make it more affordable to investors'.