In a remarkable turn of events, Nvidia has outpaced Apple in the worldwide stock value hierarchy, solidifying its position as the second most valuable company globally, following Microsoft. Nvidia, the undeniable victor of last year’s surge in artificial intelligence stock, has overtaken Apple to claim the runner-up spot as the most valuable publicly traded company, as of the latest Wednesday market close.

The chip manufacturer’s market capitalization has soared past the $3 trillion mark for the first time, propelling the company just ahead of Apple and trailing only Microsoft. With its stock surging over 147% throughout the year, Nvidia stands as the prime catalyst driving the S&P 500 index. Nvidia’s profit margins stand as a benchmark for the corporate realm: it recorded a net income of $14.9 billion on a revenue of $26 billion in the last quarter, as per Felix Salmon of Axios.

By contrast, Nvidia’s net income was a mere $0.7 billion in the final quarter of 2022. Nvidia specializes in producing top-tier chips crucial for training artificial intelligence models and other cutting-edge technologies.

This monumental achievement comes on the heels of another extraordinary revenue forecast by the chip designer, resulting in a staggering $277 billion increase in its market value on Thursday, marking the largest single-day gain ever recorded on Wall Street.

The company’s rapid ascent over the past year has drawn comparisons with suppliers of pickaxes and shovels during the 1800s gold rush era, given Nvidia’s chips are indispensable to nearly every player in generative artificial intelligence, from chatGPT producer OpenAI to Google.

This trajectory has enabled the company to transition from a $1 trillion to a $2 trillion market value in about eight months, setting a record as the fastest among U.S. companies, and achieving this feat in less than half the time taken by tech giants Apple and Microsoft.

The surge in the chip designer’s stock in 2024 has played a pivotal role in boosting the S&P 500 index. Its latest forecast, surpassing market expectations with a remarkable 233% revenue growth projection for the first quarter, has propelled global markets to unprecedented levels.