(Reuters): -Shares of Nvidia rallied to record highs on Wednesday (June 5), with the AI chipmaker’s stock market valuation hitting the $3 trillion mark and overtaking Apple to become the world’s second most valuable company.

The latest rally in Nvidia comes as it prepares to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors.

The Silicon Valley chipmaker’s stock was last up 5 per cent, giving Nvidia a market value of $3.007 trillion.

Apple’s market capitalisation stood at $3.004 trillion as its stock climbed 2 per cent.

Microsoft remained the world’s most valuable company, with a market value of $3.15 trillion as its shares climbed 1.8 per cent.