Nvidia briefly passed Apple in market cap on Wednesday during intraday trading as the chipmaker emerges as the primary beneficiary of the artificial intelligence boom. If it holds until the close, it will be the second most valuable U.S. company.

Nvidia also passed the $3 trillion market cap milestone on Wednesday. During trading on Wednesday, Nvidia had a market cap of $3.007 trillion at one point, versus Apple’s, which stood at $3.005 trillion.

Nvidia shares have risen over 24% since the company reported first-quarter earnings in May and have been on a tear since…