Nvidia (NVDA) surpassed Microsoft (MSFT) as the world’s most valuable company on Tuesday amid a relentless rally on booming demand for 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) and the chips that make it possible. 

Shares rose 3.5% on Tuesday, sending the company's market value to more than $3.335 trillion. Microsoft, meanwhile, which became the world’s most valuable company in January when it took the title from Apple (AAPL), 𝓀dipped slightly, puttin🙈g its market cap at $3.317 trillion.

Nvidia stock's meteoric rise has coincided with the company's ascent from a leading maker of graphics processing units used primarily in gaming computers to the undisputed 澳洲幸运5官ꦍ方开奖结果体彩网:leader in the market foꦺr AI semiconductors.

Its value has increased more than tenfold since October 2022, right before the release of ChatGPT sparked the AI frenzy 🔜that has gripped markets for over a year and a half.

Nvidia became only the seventh U.S. company to close with a market capitalization of 澳洲幸运5官方开奖结果体彩网:more than $1 trillion late last May. It then blew past the 澳洲幸运5官方开奖结果体彩网:$2 trillion mark in February after handily beating 澳洲幸运5官方开奖结果体彩网:fiscal fourth-quarter earnings estimates. And the third trillion dollars came even faster than the second—it took Nvidia just 96 calendar days to climb from $2 trillion to 澳洲幸运5官方开奖结果体彩网:$3 trillion earlier this month.

Nvidia shares have been buoyed recently by the company’s unveiling of its 澳洲幸运5官方开奖结果体彩网:next-generation system, named Rubin, earlier this month. The Rubin platform is expected to be released in 2026 and will supersede the 澳洲幸运5官方开奖结果体彩网:Blackwell platform unveiled earlier this year. 

AI optimism has also been boosted by a series of related developments and solid earnings reports from other suppliers of AI infrastructure, including Broadcom (AVGO) and Oracle (ORCL), as well as Apple’s unveiling last week of 澳洲幸运5官方开奖结果体彩网:Apple Intelligence.

Update—June 18, 2024: This article was updated to reflect Nvidia and Microsoft's market capitalizations as of the market close on Tuesday.