Nvidia overtakes Microsoft to become world’s most valuable company

Nvidia became the most valuable company in the world with a market cap of $3.33 trillion, overtaking Microsoft.

The US-based chip manufacturer has control over about 80% of the market for artificial intelligence chips.

“It’s Nvidia’s market; we’re all just trading in it,” a market strategist at a global brokerage firm said. Another analyst called Nvidia’s chips “the new gold or oil in the tech sector.”