Nvidia’s market value has surged past $3tn (£2.3tn), lifting the chip giant ahead of Apple to become the second most valuable publicly listed company in the world.

The firm’s share price rose more than 5% on Wednesday, to more than $1,224.

It extended a breathtakingly rapid climb that started last year, powered by bets that the US firm is positioned to be a major winner from a wave of investment in artificial intelligence (AI).

Its market value now sits just behind Microsoft, another key player in the industry thanks to its investments in Chat GPT-maker OpenAI.