Nvidia was on track to become the most valuable company in history on Thursday, with the chipmaker's market capitalization reaching $3.92 trillion as Wall Street doubled down on optimism about AI. Shares of the leading designer of high-end AI chips were up 2.

Nvidia has reached a record market value of $3.92 trillion, overtaking Apple and closing in on the top spot as the world's most valuable public company. The surge is driven by high demand for AI chips used in tech infrastructure worldwide.

The value of the leading chip designer temporarily hit a new record on Thursday, briefly making it the most valuable company in history, with a market capitalisation nearing $4 trillion. Analysts predict it will soon break the record again.