Nvidia has become the second most valuable company in the world. On Wednesday afternoon, the chipmaking giant’s market capitalization hit $3.01 trillion, putting it just ahead of Apple at $3 trillion.

As Nvidia dominates the AI race with its flagship H100 chip, the company’s market cap has only continued to rise. Nvidia became a $1 trillion company in May 2023, then skyrocketed past $2 trillion in February of this year, making it more valuable than both Amazon and Alphabet.

In May, Nvidia reported making a whopping $14 billion in profit on account of all the chips it’s selling. Nvidia now only trails behind Microsoft, which currently has a market cap of $3.15 trillion. The chipmaker’s stock currently sits at more than $1,220 per share, but Nvidia plans on splitting the stock on June 7th.

Nvidia’s AI accelerators make up between 70 percent and 95 percent of the market share for AI chips, according to CNBC. The company now plans to launch a new AI chip on a yearly basis, starting with the Blackwell B200 GPU that’s expected later this year.