Nvidia Corp. has claimed another milestone by overtaking Saudi Aramco in market value, making the chipmaker the world’s third-most valuable public company after Apple Inc. and Microsoft Corp.

The company ended Friday’s session at US$2.06 trillion, closing above the $2 trillion mark for the first time. Meanwhile, Aramco’s value dipped to $2.03 trillion, according to data compiled by Bloomberg. 

Nvidia shares have skyrocketed on the back of blowout earnings that reaffirmed Wall Street’s optimism on the potential for artificial intelligence to reshape the technology industry. The company dominates the market for graphics chips designed for complex computing tasks needed to power AI applications that companies are rushing to develop.

The rally has been relentless this year. The stock has climbed about 66 per cent and added some $834 billion in value. The stock rose as much as 1.8 per cent in premarket trading on Monday.

Meanwhile, Aramco has dropped over five per cent this year, with lower production as a result of OPEC+ cuts and a potential follow-on offering by the Saudi government weighing on the shares.