Nvidia is now more valuable than Apple at $3.01 trillion

Nvidia has ascended to become the second most valuable company in the world, surpassing Apple with a market capitalization of $3.01 trillion. 

Nvidia's rapid rise can be attributed to its dominance in the AI sector, particularly with its flagship H100 chip.

The company's market cap has seen a meteoric increase, first hitting $1 trillion in May 2023, and then soaring past $2 trillion in February of this year, surpassing the values of tech giants Amazon and Alphabet.

The financial performance of Nvidia has been staggering. In May, the company reported profits of $14 billion, driven by robust sales of its chips.

Currently, Nvidia only trails behind Microsoft, which holds the top spot with a market cap of $3.15 trillion.

Nvidia's stock is trading at over $1,220 per share, with a stock split planned for June 7th.

Nvidia's AI accelerators command a significant share of the market, ranging between 70 percent and 95 percent, according to CNBC.

Looking ahead, Nvidia has ambitious plans to release a new AI chip annually, starting with the highly anticipated Blackwell B200 GPU, set to launch later this year.