Nvidia became the world’s most valuable company on Tuesday after its share price reached a record high, closing at nearly $135.87, up 3.5 per cent. The company has attained a market value of $3.341 trillion, experiencing a stock surge of approximately 173 per cent this year.

Nvidia surpassed Apple last month and attained a market valuation greater than Microsoft. Its market value increased from $1 trillion to $2 trillion within nine months in February, followed by another increase of $1 trillion in a mere three months. Investors predict a further increase in its earnings.

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Nvidia’s sales and profits have surged in the past years due to the demand for its products. As it owns approximately 80 per cent of the AI chip market, the company benefits immensely from the fierce competition between Microsoft, Alphabet, Meta, and Apple, all trying to develop an apex product and outdo each other with their AI computing capabilities.

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