Nvidia has become the world’s second most valuable company. On Wednesday afternoon, the chipmaker’s market value reached $3.01 trillion, slightly ahead of Apple’s $3 trillion.

As Nvidia dominating the AI battle with its flagship H100 processor, the company’s market capitalization has only increased. Nvidia reached $1 trillion in May 2023 and surpassed $2 trillion in February of this year, making it more valuable than Amazon and Alphabet.

In May, Nvidia recorded a stunning $14 billion profit from all of the chips it sells. Nvidia now trails only Microsoft, which has a market capitalization of $3.15 trillion. The chipmaker’s stock is presently trading at more than $1,220 per share, but Nvidia intends to split the stock on June 7th.

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CNBC reports that Nvidia’s AI accelerators account for 70 percent to 95 percent of the AI processor market. The business now intends to release a new AI processor on a yearly basis, beginning with the Blackwell B200 GPU, which is coming later this year.