NEW YORK — Nvidia edged ahead of other tech companies Tuesday to become the world's most valuable publicly traded company in the latest sign of the might of artificial intelligence .The chip company, which has enjoyed a monumental ascent over the last 18 months amid enthusiasm over generative AI, jumped 3.4 percent near 1:25 p.m. , giving it a market capitalization of about $3.3 trillion, slightly ahead of Microsoft and Apple.
The California-based company, which is led by Jensen Huang, has seen profits soar due to torrid demand for its powerful graphics processing unit chips, which have set the industry's pace in pushing new advances in AI.In May, Nvidia reported a net profit of $14.9 billion, while its revenue of $26 billion was almost four times what it took in during the same fiscal quarter last year.