Nvidia stock soared as much as 5% on Wednesday to hit a record intra-day high of $146.47. The gains catapulted Nvidia's market valuation to $3.58 trillion, cementing its position as the largest company in the world after it closed ahead of Apple on Tuesday.

Apple, and Microsoft have battled for the title this year as the only three companies with a market capitalization over $3 trillion. Demand for Nvidia's chips to power artificial intelligence technology has surged, sending Nvidia's revenue and stock price ...