Nvidia stock crosses $3 trillion market cap, overtakes Apple as second-largest co. in US market

) stock rose as much as 5% on Wednesday to reach a record high, giving the company a market cap above $3 trillion and making it the third stock to reach this milestone, joining Apple , and others use its hardware to power everything from their cloud-based AI offerings for customers to their own AI models and services.adjusted earnings per share of $6.12 on revenue of $26 billion, jumps of 461% and 262%, respectively, from the same period a year ago.

Nvidia is also contending with growing competition from its own customers, as Amazon, Google, and Microsoft seek to wean themselves off of their dependence on the company's chips and save on capital expenditures while they're at it. Emails show Elon Musk diverted a $500 million shipment of Nvidia chips intended for Tesla to X instead

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