AI fever drives Nvidia’s rise to world’s most valuable company

Nvidia has become the world’s most valuable company following a staggering rally in its shares, underlining the outsized role investors expect artificial intelligence to play in the global economy over coming years.

Nvidia shares rose 3.5% on Tuesday, giving it a market value of about $3.34 trillion. That pushed the semiconductor bellwether past Microsoft and Apple which had been jostling for the top spots in recent days.

The surge in Nvidia's market value has been driven by demand for its chips, which are the gold standard in the AI space. The company's shares are up more than 170% this year and have risen about 1,100% since their October 2022 low.

Blockbuster earnings and broadening investor enthusiasm over AI are supercharging Nvidia's rally. That fervor has been reflected in Nvidia’s market value, which took only 96 days to go from $2 trillion to $3 trillion.
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