Chip manufacturer Nvidia has become the world’s most valuable company after its stock price soared to a record high.
Nvidia is now valued at $3.34 trillion, nearly doubling in value since the beginning of the year.
Shares ended the trading day at nearly $136, a 3.5% increase, making them more valuable than another tech giant, Microsoft, which had surpassed Apple earlier this month.
The meteoric rise of the California-based company is fueled by its dominance in what analysts call the “new gold or oil of the tech sector” – the chips needed for artificial intelligence (AI).
