Nvidia surpasses Apple to rank as the second-largest publicly traded company in the United States.
The value of Nvidia, a leading AI chipmaker, skyrocketed to $3.019 trillion on Wednesday, barely surpassing Apple's $2.99 trillion worth of shares and placing it as the second-largest American corporation by this measure, right behind Microsoft's $3.15 trillion worth of shares.
This week, Nvidia became the third American company to surpass the $3 trillion mark, coming in after Apple and Microsoft.
Nvidia's stock rose by approximately 5.2% to around $1,224, while Apple's shares closed at a 0.8% increase to $196.
Fuelled by the latest AI craze sweeping Wall Street, Nvidia has seen an exceptional 147% surge in stock price so far this year, on top of its remarkable 239% gain in 2023.
However, Apple's shares have only gained about 1.7% this year.
Recently, Jensen Huang, Nvidia's CEO, revealed that Rubin, the company's most advanced AI chip platform, will be released in 2026.
Rubin is set to replace Blackwell, a chip system designed for data centers that was unveiled back in March. Nvidia referred to the Blackwell as the "world's most powerful chip."
Nvidia makes up around 70% of the AI semiconductor market's sales.
(The story will be updated as more information becomes available.)
Krystal Hur, Wayne Chang, and Laura He contributed to the creation of this report.
