By Nvidia stock soared as much as 5% on Wednesday to hit a record intra-day high of $146.47.
The gains catapulted Nvidia’s market valuation to $3.58 trillion, cementing its position as the largest company in the world after it closed ahead of Apple on Tuesday.
It’s the first time Nvidia has occupied the top spot on the list of most valuable companies since late October.
The stock surge came amid a broader rally for the tech sector following Donald Trump’s election victory, with the Nasdaq 100 rising nearly 3%.
The gains in Nvidia shares on Wednesday significantly outpaced the gains in Apple stock, which was up by just 0.12% at 3:05 p.m. ET.
Apple is now the world’s second-largest company, worth about $3.38 trillion, or about $200 billion less than Nvidia. The next largest company is Microsoft, which was worth $3.12 trillion on Wednesday.
In the two years since ChatGPT’s debut, shares of Nvidia, which supplies the tech sector with AI-enabling GPU chips, have added nearly $3.2 trillion to their market valuation. The stock has soared about 800%.
Wall Street believes the gains can continue, with some analysts expecting the stock to soon top a $4 trillion valuation.
Bank of America analysts raised their Nvidia price target to $190 last week, citing strong upside and a “generational opportunity” as it grows its lead in the AI space.
Another recent milestone for Nvidia is its inclusion in the Dow Jones Industrial Average, with the company set to replace Intel on Friday.
Nvidia will report third-quarter earnings results after the market close on November 20.
