The world's largest chipmaker has become a darling of the stock market because its processors are widely used for artificial intelligence.

Nvidia's stock has risen by 31% since the year began, and 190% over the past 12 months - breaching all-time highs on a regular basis.

Last month's unprecedented surge leaves Nvidia with a market cap of £1.22trn as investor enthusiasm surrounding AI shows no sign of diminishing.

It's now the sixth most valuable company on the planet - comfortably ahead of Facebook owner Meta, and creeping up on Amazon.

Microsoft - which has now overtaken Apple as the company with the biggest market cap - also saw its valuation appreciate by £125bn in January.

The company surpassed expectations on revenue and earnings per share when it released its latest results earlier this week - buoyed by strong demand for its cloud services.

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Other businesses saw sharp retracements in their valuations.

Tesla's market cap shrank by £151.6bn - 24% - after Elon Musk warned growth in 2024 will be "notably lower" than previous years.

This is against a backdrop of aggressive price cutting that has eaten into the electric vehicle manufacturer's profit margins.

Saudi Arabian Oil Co has also shed 7.3% of its valuation, the equivalent of £121.5bn.