Tech News Nvidia value surges past $3tn and overtakes Apple

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Nvidia's market value has surged past $3tn (£2.3tn), lifting the chipmaker ahead of Apple to become the second most valuable publicly listed company in the world.

The firm's share price rose more than 5% on Wednesday, to more than $1,224.

It extended a breathtakingly rapid climb that started last year, powered by bets that the US firm is positioned to be a major winner from a wave of investment in artificial intelligence (AI).

Its market value now sits just behind Microsoft, another key player in the industry thanks to its investments in Chat GPT-maker OpenAI.

Valued at "just" $2tn as recently as February, Nvidia sparked a new wave of share purchases after it announced plans last month for a so-called stock split.

The move will increase the number of shares by a factor of 10 and reduce their value accordingly, a change aimed at making shares more affordable to small-time investors.

Set to happen on Friday, it is expected to generate even more demand for the stock.

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