On June 5, U.S. chipmaker Nvidia briefly surpassed Apple to become the world’s second most valuable company by market capitalization, before slipping back to third place. Nvidia’s market cap soared to over $3.01 trillion, just shy of Microsoft’s leading $3.1 trillion valuation.

Apple reclaimed its position as the U.S. markets opened on June 6, reaching a market cap of $3.007 trillion, while Nvidia settled at $2.973 trillion. Both companies reached all-time high valuations, contributing to record highs in the NASDAQ and S&P 500, with further fluctuations anticipated.

Microsoft continues to hold the top spot, maintaining its status as the most valuable company by market capitalization. However, the rapidly evolving technology landscape, coupled with upcoming product launches, partnerships, and potential regulatory changes, could disrupt the current standings.

Apple’s Worldwide Developer’s Conference (WWDC) is set for June 10, where significant artificial intelligence announcements are expected, including a possible partnership with ChatGPT maker OpenAI. Reports suggest Apple is keen to catch up with Microsoft, which has invested over $13 billion in OpenAI, by forming strategic partnerships and acquiring AI talent from competitors.

Nvidia stands to gain the most from the rising demand for AI, with its GPUs being the preferred hardware for AI development used by industry giants like Microsoft, Google, OpenAI, Amazon, and Elon Musk’s ventures, including Tesla and xAI.

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