Nvidia (NVDA) shares rose Monday, briefly propelling the AI chip leader above Apple (AAPL) to claim 🐲the top spot on the list of the world’s mosౠt valuable companies.

Shares climbed as much as 2.6% Monday morning, giving Nvidia a 澳洲幸运5官方开奖结果体彩网:market capitalization of more than $3.4 trillion, slightly more than Apple’s $3.37 trillion market value. Apple shares dipped Monday after slumping last week amid a tech sell-off and 澳洲幸运5官方开奖结果体彩网:disappointing quarterly profits.

Nvidia conceded the top spot late in the session when shares pared th🐓eir gains to close just 0.5% higher.

Nvidia and Apple, along with software and cloud computing giant Microsoft (MSFT), haꦬve been vying for the titꦚle of the world’s most valuable company since the summer. 

Nvidia was 澳洲幸运5官方开奖结果体彩网:named a component of the 澳洲💎幸运5官方开奖结果体彩网:Dow Jones Industrial Average (DJIA) on Friday. Nvidia is replacing 澳洲幸运5官方开奖结果体彩网:beleaguered rival chipmaker Intel (INTC). The move will take effect before the market opens on Nov. 8, according to S&P Dow Jones Indices, which manages the index. (Paint company Sherwin-Williams (SHW) was also tapped to join the blue-chip index, taking the spot of chemical giant Dow (DOW).)

Nvidia was about a third of the size of Apple and Microsoft at the beginning of the year, when its market cap stood at $1.2 trillion. Since then, robust demand for AI has fueled the stock’s meteoric rise. Tech giants like Microsoft, Amazon (AMZN), Google parent Alphabet (GOOG, GOOGL), and Meta (META) have committed to spending hundreds of billions of♔ dollars this year and next on infrastructure, with much of that spending going toward the Nvidia semiconductors and server📖s required to train and run AI models. 

The stock hit a road bump in mid-July, when a litany of factors from 澳洲幸运5官方开奖结果体彩网:recession fears to rotation out of mega caps 澳洲幸运5官方开奖结果体彩网:into small-cap stocks, and concerns about 澳洲幸运5官方开奖结果体彩网:unsustainable AI spending s🍒ank tech stocks from their all-time highs. Nvidia shares shed a quarter of their value betwe🎶en mid-July and mid-August, but rebounding optimism about artificial intelligence and the resilience of the U.S. economy has revived the stock’s historic bull run.

UPDATE: This article has been updated sin𝔍ce it was first published to add context and reflect closing share prices.