Nvidia hits 3tn and surpasses Apple as world's second most valuable company

Shares of Nvidia rallied to record highs on Wednesday, with the artificial-intelligence chipmaker's stock market valuation hitting the 3tn mark and overtaking Apple to become the world's second most valuable company. The chipmaker's stock was up 5.16% at 1,224.40, giving Nvidia a market value of 3.01tn at market close. Apple's market capitalization was at 3.00tn at market close as its stock climbed 0.78%. The latest rally for Nvidia comes as it prepares to split its stock 10-for-one, effective on 7 June, a move that could increase its appeal to individual investors. The surge in Nvidia's stock market value above Apple's underscores a shift in Silicon Valley, where the company co-founded by Steve Jobs has dominated since it launched the iPhone in 2007.