NVIDIA OVERTAKES APPLE TO BECOME WORLD’S SECOND-MOST VALUABLE COMPANY

Microsoft, the world’s most valuable company, rose 1.91 percent, while Apple gained 0.78 percent.

Nvidia’s rally continues an extraordinary streak of gains for the California-based firm, whose graphics processing units have fuelled a boom in artificial intelligence (AI).

The company’s revenues have soared more than 260 percent over the past year as tech giants such as Microsoft, Meta, Google and Amazon race to roll out AI.

Shares of Nvidia have more than doubled in value so far this year after more than tripling in value in 2023.

Nvidia last month announced a 10-for-1 stock split “to make stock ownership more accessible to employees and investors”.

The split, which goes into effect on Friday, is likely to make the company’s shares even more attractive to small-time investors. 

Apple’s stock price has risen only about 5 percent so far this year, well behind the broad-based S&P 500 and tech-heavy Nasdaq indexes.