After losing more than $500 billion in value, shares in Nvidia rose nearly 7 per cent in a rally that pushed the technology giant’s market capitalisation back above $3 trillion.

The sell-off that started last week dethroned Nvidia as the world’s most valuable public company after the chip-maker briefly overtook Microsoft and Apple, hitting a record valuation of about $3.35 trillion.

The shares’ three-day decline was the worst run in the stock’s performance since the end of 2022, partially reversing stellar gains of more than 700 per cent made since the start of last year.

The shares have risen by more than 160 per cent since January and by the close in New York on Tuesday they were $7.98, or 6.8 per cent, higher at $126.09.

The company enacted a split in its stock of ten for one earlier this month — a move that was expected to increase its appeal to individual investors.

Nvidia has been boosted by the clamour for its centre chips and graphics processing units, which has continued to grow as businesses race to expand artificial intelligence.

The company counts the likes of Microsoft, Meta Platforms and Amazon among its customers.

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Nvidia was founded in 1993 by a trio including Jensen Huang, its chief executive. The company, based in Santa Clara, California, employs about 30,000 people.

The tech giant had $26 billion in sales in its latest quarter, up 262 per cent on the previous year. Its operating income was $16.9 billion, a 690 per cent rise from a year earlier.

It has forecast revenue of about $28 billion for the second quarter, which would be about 107 per cent higher than the $13.5 billion it reported during the same period last year.

At the start of June the company revealed its latest AI products, saying it was on an “accelerated road map” for new launches. Huang told the Computex conference in Taiwan that the company would release a next-generation processor platform called Rubin.

Little was divulged about the “secret” platform, although Huang, 61, said: “All of these chips I’m showing you here are all in full development.”

He also declared that “the next industrial revolution has begun”.

Huang said: “Companies and countries are partnering with Nvidia to shift the trillion-dollar traditional data centres to accelerated computing and build a new type of data centre — AI factories — to produce a new commodity: artificial intelligence.”