In terms of market capitalization, Nvidia surpasses Apple to become the second-most valuable publicly traded corporation in the United States

On Wednesday, investors continued to place bets on Nvidia, the chipmaker driving the artificial intelligence revolution, surpassing Apple in market capitalization. After Microsoft, it is currently the second-most valuable publicly traded firm.

With a 5% increase in shares on Wednesday, Nvidia also reached a market capitalization milestone of $3 trillion. Nvidia’s market value at the conclusion of business was $3.019 trillion, whereas Apple’s was $2.99 trillion. Microsoft has a market capitalization of $3.15 trillion as of Wednesday, making it the most valuable publicly listed firm.

Since the company’s May first-quarter results announcement, Nvidia shares have increased by more than 24%. Since last year, the company’s shares have been soaring. Big cloud providers are spending billions of dollars on the company’s AI chips for data centers, which account for an estimated 80% of the industry.

Additionally, investors are growing more confident in Nvidia’s ability to maintain its sharp increase in sales to a small number of cloud computing firms. In the most recent quarter, the company’s data center business—which includes GPU sales—saw revenue rise 427% year over year to $22.6 billion, or almost 86% of total sales.

The first business to have a market capitalization of both $1 trillion and $2 trillion was Apple. It had been the most valuable American corporation for a long time, but Microsoft overtook it earlier this year. The desire for AI infrastructure among investors has also helped Microsoft.

The stock of Nvidia has fluctuated more than that of Apple. When the firm was founded in 1991, its main focus was on gaming, and it sold hardware for 3D computer games. It has just started selling cloud subscription services and mining chips for cryptocurrencies.

As Nvidia’s AI business has grown, its shares have increased exponentially, increasing more than 3,290% in the last five years. In May, the corporation declared a 10-for-1 stock split.