Nvidia's stock market value reached $3 trillion for the first time on Wednesday, as the chip manufacturer benefited from the race among Wall Street giants to dominate AI technology.
The shares of the AI chip manufacturer rose by 4.75 percent during the session.
Nvidia's stock reached an unprecedented level during Wednesday's session at $1219.93, giving the company a market value of $3 trillion.
With this achievement, Nvidia has surpassed Apple in market value, as investors continue to bet on the chip manufacturer driving the AI boom. It is now the second largest public company in terms of value, after Microsoft.
Apple's value at the close of Wall Street yesterday was $2.99 trillion, while Microsoft maintained its lead as the largest company by market value at $3.15 trillion.
Nvidia's shares have risen by more than 24 percent since the company announced its first-quarter earnings in May and have seen significant growth since last year.
The company controls approximately 80 percent of the market share for AI chips used in data centers, which attract billions of dollars in investments from major cloud computing service providers.
Investors have become more confident in Nvidia's ongoing massive sales growth to a select group of cloud companies.
In the last quarter, revenue from the data center segment, which includes sales of Nvidia's GPUs, increased by 427 percent year-over-year to $22.6 billion, accounting for about 86 percent of the company's total revenue.
Meanwhile, Apple's shares have risen by only 5 percent this year, as the growth of iPhone sales has stumbled in recent months.
In its latest quarterly earnings report, Apple stated that total sales fell by 4 percent and iPhone sales dropped by 10 percent compared to the same period last year.
Apple faces strategic questions about demand in China, manufacturing, and mixed reactions to its new virtual reality headset, "Vision Pro."