Nvidia passed Apple in market cap and is now the second-most valuable public company, behind Microsoft. The company hit a $3 trillion market cap milestone after shares rose over 5%. At market close, Nvidia had a market value of $3.019 trillion in comparison to Apple which stood at $2.99 trillion. Microsoft is the most valuable publicly traded company with a market cap of $3.15 trillion.

Nvidia’s CEO Jensen Huang displays products on-stage during the annual Nvidia GTC Artificial Intelligence Conference at SAP Center in San Jose, California.(AFP)

The last time Nvidia was worth more than Apple was in 2002, five years before the first iPhone was released. At the time, both companies were worth less than $10 billion each.

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The company’s CEO Jensen Huang said it plans to upgrade its so-called AI accelerators every year. Following Wednesday’s stock gain, Jensen Huang’s wealth rose by more than $5 billion to $107.4 billion, as per the Bloomberg Billionaires Index.

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