GPU designer Nvidia is now the world's most valuable company.

The stock rose 3.5 percent today to close at $135.58 a share, giving the company a valuation of more than $3.34 trillion.

That puts the artificial intelligence hardware company just ahead of Microsoft ($3.32 trillion), previously the world's most valuable company.

Nvidia reached a $3 trillion valuation earlier this month, overtaking Apple.

Nvidia hit $2 trillion in February 2024, and $1 trillion in May 2023. The company's share price has jumped more than 170 percent this year.

In May, Nvidia reported revenues of $26 billion, up 262 percent over the same time last year. Data center-specific revenue hit $22.6bn, up 427 percent over last year and up 23 percent over the last quarter.

"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,” said Jensen Huang, Nvidia's founder and CEO, at the time.

“Our data center growth was fueled by strong and accelerating demand for generative AI training and inference on the Hopper platform. Beyond cloud service providers, generative AI has expanded to consumer Internet companies, and enterprise, sovereign AI, automotive, and healthcare customers, creating multiple multibillion-dollar vertical markets."

Nvidia also forecast total revenue of $28bn plus or minus two percent for the current quarter, above analyst expectations.