For the first time in more than a decade, the title of the world’s most valuable company slipped out of the hands of Microsoft and Apple, welcoming a new king Nvidia

Nvidia’s value increased at a record fast pace when it took the chip giant only 3 months to raise its capitalization from $1 trillion to $3 trillion.

Just days after “beating” Apple, chip giant Nvidia has just surpassed Microsoft to become the world’s most valuable company.

Nvidia shares rose 3.2% to $135.18 per share in Tuesday afternoon trading, bringing the company’s market capitalization to $3.332 trillion. Meanwhile, shares of Microsoft fell 0.3% on the day, dragging the market capitalization of the US tech giant to $3.32 trillion.

As a result, Nvidia surpassed the two tech giants Microsoft and Apple, which dominated the U.S. stock market for years. The last time Microsoft and Apple were It was in 2011, when ExxonMobil led the U.S. stock market.

Nvidia reached a market capitalization of $1 trillion for the first time on June 13, 2023. The company’s capitalization then skyrocketed to $2 trillion on March 1 and quickly surpassed the $3 trillion mark for the first time on June 5.

Nvidia’s stock has risen more than 215% in the past 12 months and more than 3,400% in the past 5 years. Since the beginning of the year, Nvidia shares have risen 173%, while Microsoft shares have risen by less than 19% in 2024.

Nvidia’s strong rise is driven by the booming demand for AI chips. In less than two years, Nvida went from a $300 billion company to one of the world’s most powerful big tech. Other Silicon Valley giants have to line up to buy chip products from Nvidia.

Founded 31 years ago with the original purpose of producing PC graphics cards, Nvidia in the past year has seen quarterly revenue growth n continued. Nvidia’s revenue in February increased by 265% year-on-year, and in May it increased by 262%.

Earlier, Nvidia CEO Jensen Huang claimed the company is at the center of a new “industrial revolution” that unleashes the power of AI to transform all sectors of the global economy using smart computing.

Google, Microsoft, and Amazon have all purchased a series of “Hopper” graphics processors from Nvidia for their cloud services. In addition, Nvidia’s Cuda software ecosystem also strengthens Nvidia’s position as it provides tools for developers using its chips.