(Reuters) – Nvidia shares soared to record highs on Wednesday, with the AI chipmaker’s stock market valuation poised to surpass $3 trillion and overtake Apple as the world’s second most valuable company .
Nvidia’s latest rally comes as it prepares to split its shares ten-for-one, effective June 7, a move that could boost its appeal to individual investors.
Nvidia shares are up 145% so far in 2024, with demand for its top processors far outpacing supply as Microsoft, Meta Platforms and Google owner Alphabet race to expand their AI computing capabilities and exploit the emerging technology dominate.
Shares of the Silicon Valley chipmaker rose 4.2% last year to $1,212.89, giving Nvidia a stock market value of $2.98 trillion.
Apple’s market cap was $3.01 trillion, while its stock rose 1.2%.
Microsoft remained the world’s most valuable company, with a market value of $3.14 trillion as its shares rose 1.6%.
(Reporting by Noel Randewich, Editing by Nick Zieminski)
