Nvidia becomes world's second-most valuable company

Chip designer Nvidia surpassed Apple’s market capitalization on Wednesday for the first time ever, becoming the 2nd most valuable company in the world after a year of white-hot stock gains charged by an artificial intelligence craze.

Nvidia's share price jumped by more than 5 percent on Wednesday on the tech-heavy Nasdaq. The firm's valuation has exceeded 3 trillion dollars for the first time. It's the third company to cross the mark after Apple and Microsoft. Nvidia's net profit soared more than seven-fold year on year in the quarter through April.