Nvidia becomes world's most valuable company amid AI boom

Nvidia became the world's most valuable company on Tuesday, dethroning tech heavyweight Microsoft, as its chips continue to play a central role in a race to dominate the market for artificial intelligence. Shares of the chipmaker climbed 3.2% to 135.21, lifting its market capitalization to 3.326tn, just days after overtaking the iPhone maker Apple to become the second most valuable company. The stock has surged about 173% so far this year, compared with a rise of about 19% in Microsoft shares, with demand for its top-of-the-line processors outpacing supply. Tech giants Microsoft, Meta Platforms and Google-owner Alphabet are racing to build out their AI computing capabilities and dominate the emerging technology. The surge in shares pushed the stock to a record high, adding more than 103bn to Nvidia's market capitalization on Tuesday.