Cambridge-based chip designer Arm has overtaken HSBC and Unilever to become the fourth most valuable UK-based company.
Shares of the US-listed company soared as much as 30 percent on Monday to trade as high as $158.55, before closing at $147.03.
This brings its total market capitalization to $150 billion, putting it behind only Shell, gas company Linde and pharmaceutical giant AstraZeneca.
Arm overtakes HSBC as fourth most valuable UK-based company
It extends a rally that began last week after Arm reported its third-quarter earnings had surpassed estimates.
Arm creates and licenses semiconductor designs rather than manufacturing chips, meaning it makes money through royalties.
The company, whose technology is found in nearly all phones and computers, said its total revenue in the quarter rose 14 percent from a year earlier to $824 million.
Chief Executive René Haas said the company had benefited from growing demand for new artificial intelligence (AI) applications.
Arm was initially listed on the London Stock Exchange before a deal with SoftBank took it private in the wake of Brexit. It then flirted with another IPO in the UK before listing on the tech-heavy US Nasdaq last summer.
Since then, its shares have risen 135 percent.
Russ Mould, investment director at AJ Bell, said: “UK investors upset that Cambridge-based chip champion ARM has not returned to the London stock market will find that sentiment magnified by the latest company update”.