NEW YORK – Chipmaking giant Nvidia overtook Apple on Tuesday to become the world’s most valuable company as the artificial intelligence (AI) boom continues to excite Wall Street.

Shares of the AI ​​giant rose 2.9% to $139.93, bringing its market capitalization to $3.43 billion, ahead of Apple at $3.38 billion.

Nvidia previously became the largest publicly traded company in June, although it only held the record for one day. It is currently worth more than Amazon and Meta combined.

The world’s largest technology companies have invested tens of billions of dollars in Nvidia’s powerful AI technology, which is the core component of training powerful generative AI systems such as OpenAI’s ChatGPT or Google’s Gemini .

Nvidia will join the Dow Jones Industrial Average on Friday, underscoring the stratospheric rise of a company whose stock price has soared more than 850% since late 2022, when the release of ChatGPT sparked an AI frenzy.