U.S. chipmaker Nvidia briefly overtook Apple to become the world’s second most valuable company by market capitalization on June 5 before dipping back into third place. 

The movement occurred as Nvidia’s cap surged to over $3.01 trillion, pulling it within a stone’s throw of Microsoft’s first place cap of $3.1 trillion.

Not to be outdone, Apple retook its position as U.S. markets opened on June 6, climbing back into second place with a valuation of $3.007 trillion as of the time of this article’s publication. In the same time frame Nvidia remains in third place at a valuation of $2.973.

These numbers represent new all-time highs for both Nvidia and Apple as well as the NASDAQ and SP 500 with further movement expected in the coming days.

Nvidia briefly passes Apple as world’s most valuable company image 0 Source: CompaniesMarketCap.com

Microsoft has maintained its lead — and currently remains the most valuable company of all time by market capitalization. However, a shifting global technology landscape combined with impending product launches, partnerships, and potential regulatory action could cause shake ups throughout the leaderboards.

Apple and OpenAI

Apple’s WWDC (Worldwide Developer’s Conference) is slated to occur on Monday, June 10. Analysts are expecting a slew of artificial intelligence announcements from the Cupertino company including a partnership with ChatGPT maker OpenAI.

Related: Apple finalizing deal with OpenAI for ChatGPT iPhone integration

According to numerous reports, Apple executives feel the company has fallen behind Microsoft — who so far has invested north of $13 billion in OpenAI. Rumors persist that Apple is scrambling to form partnerships with OpenAI and other related companies as well as to onboard AI techs who previously worked for rival companies such as Google.

Nvidia and everyone

Ultimately, Nividia could stand to reap the greatest benefits from surging artificial intelligence stocks in the 2024 market. Its graphical processing unit (GPU) chips have shown steadily increasing demand as the go-to hardware platform for developing AI.

Not only do Microsoft and Google use Nvidia chips, but so do other industry leaders such as OpenAI, Amazon, and Elon Musk’s suite of AI companies which includes Tesla and xAI.