Nvidia becomes first company to reach $4tn in market value

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Nvidia has become the first company to hit a $4tn market capitalisation, on the back of a rapid rebound for Wall Street technology stocks in recent months.

Shares in the Silicon Valley-based maker of artificial intelligence chips rose as much as 2.8 per cent on Wednesday to $164.36. The group had already surpassed Apple’s $3.92tn record from last December.

Nvidia stock has risen by more than 40 per cent since early May, when US President Donald Trump first signalled a thaw in his trade war with China and Nvidia struck a series of multibillion-dollar chip deals in the Middle East.

This is a developing story