Nvidia trumps Apple as No. 2 most valuable firm

Clear winner: Huang at an event ahead of the Computex forum in Taipei, Taiwan. While Nvidia rides a wave of AI enthusiasm on Wall Street, Apple is struggling with weak demand for its mobile phones and tough competition in China. — Reuters

NEW YORK: Nvidia has rallied to record highs on Wednesday, with the artificial intelligence (AI) chipmaker’s valuation breaching the US$3 trillion mark and overtaking Apple to become the world’s second most valuable company.

Nvidia is preparing to split its stock 10-for-one, effective today, a move that could increase its appeal to individual investors.