Nvidia overtakes Apple as No. 2 most valuable company

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Nvidia's rallied to record highs today, with the artificial intelligence chipmaker's valuation breaching the US$3 trillion mark and overtaking Apple to become the world's second most valuable company.

Nvidia is preparing to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors.

The surge in Nvidia's market value above Apple's marks a shift in Silicon Valley, which the company co-founded by Steve Jobs has dominated since it launched the iPhone in 2007.

Nvidia's stock rose 5.2 per cent to end the day at US$1,224.40, valuing the company at US$3.012 trillion. Apple's market capitalisation was last at US$3.003 trillion after its stock climbed 0.8 per cent.

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