Nvidia eclipses Microsoft as world’s most valuable company

) as its high-end processors play a central role in a race to dominate a surge in artificial intelligence technology.

Tuesday’s gain lifted Nvidia’s stock to a record high and added over $103 billion to its market capitalization. Nvidia commands more than 80% of the market share for AI chips, making it a major winner from surging AI development. Since its blowout forecast about a year ago, the company has consistently breezed past Wall Street’s lofty expectations for revenue and profit, with demand for its graphics processors far outstripping supply as companies rush to embed AI applications.

“A stock split can reduce the price per share, making it more affordable for individual investors to buy. With Nvidia doing a 10:1 stock split, retail investors are the real winners here,” said Sam North, market analyst at investment platform eToro. Sharp increases in analysts’ expectations for Nvidia’s future earnings have outpaced its stellar stock gains, resulting in a fall in the stock’s earnings valuation.

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