Nvidia tops Apple in market value

record highs on Wednesday, with the artificial intelligence chip maker’s valuation breaching the US$3-trillion mark and overtaking Apple to become the world’s second most valuable company.is preparing to split its stock 10-for-one, effective on 7 June, a move that could increase its appeal to individual investors.

“Nvidia is making money on AI right now, and companies like Apple and Meta are spending on AI,” said Jake Dollarhide, CEO at Longbow Asset Management. “It may be a foregone conclusion that Nvidia will overtake Microsoft as well. There’s a lot of retail money that’s piling in on what they see as a straight shot up.”

Optimism about AI lifted chip stocks broadly on Wednesday, with the PHLX chip index surging 4.5%. Super Micro Computer, which sells AI-optimised servers built with Nvidia chips, climbed 4%.

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