The “artificial intelligence favorite” stock has risen more than 170 percent on the stock market this year.
Nvidia shares rose more than three percent on Tuesday. The computer chip maker thus overtakes technology giant Microsoft as the world's most valuable company as measured by market capitalization.
Nvidia's market value now stands at about $3.330 billion, followed by Microsoft at about $3.320 billion. Behind these two comes Apple, with a market value of about $3.280 billion.
Bloomberg first reported the news.
Nvidia is often called the “darling of artificial intelligence.” Among other things, the company develops the computer chips needed to create artificial intelligence technology. This year, the stock price has risen more than 170 percent.
“We believe that over the next few years, the race for a $4,000 billion market cap in the technology industry will be between Nvidia, Apple and Microsoft,” Wedbush Securities analyst Daniel Ives wrote in a note discussed by Bloomberg.
The oil fund's latest update for the new year shows a 1.17 percent ownership stake in Nvidia.
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