Nvidia Corp. shares climbed to their highest level in nearly five months, lifting the chipmaker’s market value to about $3.5 trillion and vaulting it past Microsoft and Apple to once again become the world’s most valuable publicly traded company. The stock has gained almost 25% in the past month, far outpacing the S&P 500’s 6.1% advance, and now sits roughly 6% below its record peak. The rally extends a year-long surge driven by investor confidence that Nvidia will remain the primary beneficiary of the global build-out of artificial-intelligence infrastructure. Nvidia has told customers it is seeing a “sharp jump in inference demand,” while supply-chain checks point to robust second-quarter orders for H200 graphics processors and initial shipments of Blackwell-based GB200 racks. Next-generation GB300 systems are already in testing, reinforcing expectations that the company’s rapid revenue and profit growth can persist.