Nvidia has surpassed Apple in market value, ranking as the second most valuable public company as of Wednesday’s market close.

The U.S. computer and software company manufactures high-end semiconductors, also known as chips, used for training AI models and other cutting-edge technologies. Because of their difficult and expensive manufacturing process, there is a global dependence on only a few companies for their production.

For the first time, Nvidia’s market capitalization has exceeded $3 trillion, positioning the multinational corporation just slightly ahead of Apple and behind Microsoft.

Nvidia’s profit margins are getting increasingly stronger. The company reported $26 billion in revenue for the first quarter of this year, up 18% from the previous quarter and up 262% from a year ago.

In 2023, its revenue for the fourth quarter was only $6.05 billion.

“The next industrial revolution has begun — companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence,” founder and CEO Jensen Huang said in a release. “AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.”

Nvidia, along with Microsoft and OpenAI, is under antitrust investigation for its dominant role in the artificial intelligence industry, the New York Times reported Wednesday.

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The Department of Justice is leading the investigation into Nvidia’s possible antitrust violations, while the Federal Trade Commission is scrutinizing the conduct of OpenAI and Microsoft.

Nvidia is estimated to hold around 90% of the market for high-end AI chips, which are frequently in high demand but difficult to obtain.