AI Chipmaker Nvidia’s market value at $2.8 trillion, closer to Apple

Nvidia’s shares rallied around 6 per cent to hit a record high on Tuesday, leaving the AI chipmaker’s stock market value about $100 billion away from overtaking Apple in a major reshuffle of Wall street’s biggest players.

Last trading at $1,128, Nvidia’s market capitalisation reached $2.8 trillion, compared to a market value of $2.9 trillion for Apple, which is Wall Street’s second-most valuable company after Microsoft.

Its stock surged as much as 8 per cent to $1,149.39 during the session, an intra-day record high. Apple’s stock was down 0.2 per cent in afternoon trading.