Chip-making giant Nvidia has eclipsed Apple to become the highest-valued company in the world as the artificial intelligence boom continues to excite Wall Street.

The development comes after shares in the AI juggernaut rose 2.9% to $139.93, swelling its market capitalisation to $3.43 trillion, ahead of Apple at $3.38 trillion a day earlier.

The company previously became the largest traded company in June, although it only held the record for a day. 

It is currently worth more than Amazon and Meta combined.

The world’s biggest tech companies have invested tens of billions of dollars into Nvidia’s powerful AI technology which is the central component for training powerful generative AI systems such as OpenAI’s ChatGPT or Google’s Gemini.

Nvidia on Friday will join the Dow Jones Industrial Average underscoring the stratospheric rise of a company whose share price has skyrocketed more than 850% since the end of 2022 when the release of ChatGPT sparked an AI frenzy.