Nvidia on verge of overtaking Apple as No. 2 most valuable company

By Noel Randewich

(Reuters) -Shares of Nvidia rallied to record highs on Wednesday, with the AI chipmaker’s stock market valuation hitting the $3 trillion mark and overtaking Apple to become the world’s second most valuable company.

The latest rally in Nvidia comes as it prepares to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors.

The Silicon Valley chipmaker’s stock was last up 5%, giving Nvidia a market value of $3.007 trillion.

Apple’s market capitalization stood at $3.004 trillion as its stock climbed 2%.

Microsoft remained the world’s most valuable company, with a market value of $3.15 trillion as its shares climbed 1.8%.

(Reporting by Noel Randewich, Editing by Nick Zieminski)