Nvidia Tops $3 Trillion in Market Value, Leapfrogging Apple

(Bloomberg) — Nvidia Corp. was already the world’s most valuable semiconductor firm. Now, it’s become the first computer-chip company ever to hit $3 trillion in market capitalization.

The shares of the Santa Clara, California-based firm have rallied roughly 147% this year, adding about $1.8 trillion as the insatiable demand for its chips used to power artificial intelligence tasks skyrockets. On Wednesday, shares rose 5.2% to close at a record $1,224.40, pushing the market value to more than $3 trillion and overtaking Apple Inc. in the process.