Nvidia Corp. became the world’s largest company on Tuesday, surpassing Apple Inc. and underscored how dominant artificial intelligence has become on Wall Street.

Shares rose 2.9% to $139.93, resulting in a market cap of $3.43 trillion, ahead of Apple at $3.38 trillion. Microsoft Corp., which Nvidia acquired last month, has a market cap of $3.06 trillion. Nvidia is up more than 850% since the end of 2022.