US-based chip manufacturer Nvidia has seen its market capitalization soar past the $3 trillion mark, driven by the surge in demand for AI technology.
Nvidia's shares finished 5% higher at $1,224.40 on Wednesday, pushing the company's market cap above $3 trillion for the first time.
The shares of the US company climbed by almost 150% since the beginning of the year. In the last quarter alone, revenue rose from $7.2 billion in the previous year to $26 billion, marking a 262% increase.
Nvidia's chips have become a key technology for the future of artificial intelligence (AI). The chips are ideal for computing work, particularly in training AI software in data centres.
Demand remains strong, with Nvidia's new chip systems expected to be in short supply until next year.
According to chief executive Jensen Huang, Nvidia technology is being used not only for training purposes, but also for operating AI applications.
Huang anticipates that in the future, AI will be able to create various types of content that currently rely on database access.
Nvidia has now joined Microsoft and Apple as one of the most valuable listed companies.