Nvidia overtakes Apple as world's second most valuable company
Nvidia has surpassed Apple and is now the second most valuable public company in the world.
The value of the shares belonging to the company that produces microchips for AI has increased to exceed $3 trillion, which is equivalent to £2.34 trillion.
Apple has dropped to the third position as the only other company that holds more value than them on the stock exchange is Microsoft.
On Wednesday, the value of Nvidia's stock increased by 5% following a year of positive growth. As of now, the price of one share is at $1224.40 (£957).
One year in the past, the worth of a single share was recorded at $386.54 (£302); however, there has been an immense surge in investor interest in the company that specializes in artificial intelligence.
As recently as February, Nvidia's worth was a trillion dollars less than its current value. However, the company sparked new interest by announcing its plan to do a "stock split" on Friday.
This action will lead to an augmentation in the amount of shares that are obtainable for investment, which will consequently decrease the share worth. As a result, a larger number of individuals will be able to invest their money.
Public companies are evaluated based on the quantity and worth of the shares they have issued.
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Companies within the technology field, such as Microsoft and Apple, have been in a competition to create artificial intelligence and incorporate it into their offerings.
Nvidia is a relatively new player in the tech industry compared to other companies, as it was established in 1993. Like many of its counterparts, it was founded in the state of California, located in the United States.
Since its establishment, it has been creating microchips and integrating machine-learning functionalities to its offerings over the past few years.
The United States-based global enterprise and tech organization is headquartered in Santa Clara, a city in the state of California.
