How the stock reached a new all-time closing high and reclaimed its spot as the largest company by market capitalization.

The US chip designer’s shares rose 4 per cent, surpassing an all-time high intraday price set in January, as it vies with Microsoft and Apple to be the world’s most valuable company. The rally came as Nvidia chief executive Jensen Huang gave a bullish outlook at the company’s annual shareholder meeting on Wednesday about its ability to continue its explosive growth over the next decade.

Nvidia shares rose to an all-time high on Wednesday, with the leader in artificial intelligence (AI) chips extending an advance that has cemented its position as one of the most valuable companies in the world.