Nvidia becomes world's second-most valuable company

The world's second-most valuable company after Microsoft is now Nvidia. The US semiconductor giant overtook Apple's slot on booming demand for chips to power artificial intelligence.

Nvidia's share price jumped by more than 5 percent on Wednesday on the tech-heavy Nasdaq. It ended the day at 1,224 dollars. The firm's valuation has exceeded 3 trillion dollars for the first time.

It's the third company to cross the mark after Apple and Microsoft. Nvidia's net profit soared more than seven-fold year on year in the quarter through April.