NVIDIA surpassed Apple in terms of market capitalization on Wednesday, June 5, and became the second most expensive company after Microsoft. This was reported by CNBC.

NVIDIA’s market valuation reached $3.019 trillion compared to Apple’s $2.99 trillion. The day before, Microsoft’s market capitalization was estimated at $3.15 trillion.

Shares of NVIDIA rose by more than 24% after the company reported its Q1 earnings in May, and have continued to rise since last year. Meanwhile, Apple shares are up only 5% this year as the iPhone maker’s sales growth stalled in recent months.

As you know, Apple was the first company to reach $1 trillion and $2 trillion in market capitalization. It held the title of the most expensive company in the United States for a long time, but earlier this year it lost to Microsoft.

By the way, NVIDIA shares for the first time exceeded the $1,000 mark in trading on Wednesday, May 22. This happened after the chipmaker reported strong financial results. The company’s figures indicate that demand for its AI chips remains strong.

NVIDIA’s net profit for the quarter ended April 28 was $14.88 billion, or $5.98 per share. The giant’s revenue reached $26.04 billion.

A year ago, NVIDIA was only 6th in the world in terms of capitalization and was worth only $1.052 trillion.