San Francisco – Graphics chip powerhouse Nvidia has surpassed Apple, claiming the title of the world’s most valuable company by market capitalization in the booming era of artificial intelligence (AI). Nvidia’s market value reached $3.43 trillion at the market close on Tuesday, edging past Apple’s $3.38 trillion.

Under CEO Jensen Huang, Nvidia briefly outpaced Apple earlier in June, but only for a day. This time, Nvidia’s stock climbed 2.9% to $139.93, giving it a weight of 7% in the S&P 500 Index. Microsoft follows behind with a market capitalization of $3.06 trillion.

For the second quarter ending July 28, Nvidia reported a substantial revenue boost to $30 billion, a 15% increase from the previous quarter and a remarkable 122% year-over-year surge. The company returned $15.4 billion to shareholders during the first half of fiscal 2025, through share buybacks and dividends, with $7.5 billion still available for repurchases.

Nvidia forecasts third-quarter revenue of approximately $32.5 billion, with an allowance of 2% variance. It will discuss its financial performance on November 20, with CFO Colette Kress providing insights ahead of the earnings call.

In response to mounting demand for AI processors, Huang has requested SK hynix to expedite delivery of next-gen high-bandwidth memory (HBM4) chips by six months. This push underscores the rapid evolution of Nvidia’s AI technology, which increasingly relies on HBM to support advanced data and energy-intensive tasks beyond traditional AI models.