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Nvidia's shares surged by 6%, reaching a record high, positioning the market value of the AI chip manufacturer just $100 billion shy of surpassing Apple. The latest trade of Nvidia's stock was at $1,128, pushing its market value to $2.8 trillion, compared to Apple's $2.9 trillion. Apple remains the second most valuable company on Wall Street, after Microsoft.

Nvidia's stock has more than doubled this year, following a tripling in value last year. Recently, Nvidia, a major beneficiary of the AI boom, reported a fivefold increase in revenue from its data center sector, driven by high demand for its high-performance chips.

Dan Coatsworth, an investment analyst at AJ Bell, commented on the stock's rise, stating, "The business is performing exceptionally well, with significant growth opportunities ahead. The AI theme continues to have strong momentum."

Apple, traditionally a must-have stock on Wall Street, has underperformed compared to other major tech companies in recent months, with a 2% decline this year. The company faces challenges from weakened demand for iPhones and intense competition in China.
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