Washington, Jun. 19, (PA Media/dpa/GNA) – US computer chip maker Nvidia has become the world’s most valuable company after its share price reached an all-time high on Tuesday.

The firm’s stock price rose more than 3% during the trading day to end at nearly $136, making it more valuable than tech giant Microsoft, which had held the most valuable title.

The company had already overtaken Apple in valuation earlier this month.

Nvidia is one of the key makers of computer chips required to power artificial intelligence (AI) software, a technology which has exploded in popularity in recent years thanks to the emergence of generative AI products such as ChatGPT, and the rush to adopt the technology in order to keep up with the sector’s latest trends.

As a result, demand for Nvidia products has soared, boosting the company’s sales and profits.

The increasing focus on AI products from the biggest tech companies has seen some investors suggest that Nvidia’s earnings could continue to grow, which has pushed up the company’s share price further.

The rise on Tuesday saw the company’s valuation reach $3.34 trillion dollars, a valuation which is now more than 180% higher than it was at the start of the year.GNA