AI chip leader Nvidia hit a market capitalization of $3 trillion on Wednesday, becoming the third U.S. company to do so after Apple and Microsoft.
Shares of Nvidia rose more than 5% Wednesday, pushing the company's market cap above Apple for the first time.
Apple is expected to unveil its big generative AI push with new capabilities for the iPhone. But don’t expect generative AI itself to spur a new iPhone sales supercycle this year.