Nvidia reclaimed the title of the most valuable publicly traded company.
The AI chipmaking giant led by CEO Jensen Huang surpassed Microsoft after its stock jumped 3% to close at $141.40 on Tuesday. Nvidia now boasts a market cap of $3.444 trillion, edging out Microsoft’s $3.441 trillion based on data from Nasdaq.
The last time Nvidia held the top spot was on January 24. Since last June, it has been competing with Apple and Microsoft for the title of the top market cap company.
The rise in Nvidia’s value came a week after the company reported Q1 revenues that beat Wall Street expectations at $44.06 billion, which makes for a 69% year-over-year increase.
Confidence in Nvidia remains high despite the company expecting to lose $8 billion in revenue over the next quarter due to the Trump administration’s new chip export control policies, which prevented it from selling its H20 chips developed specifically for China’s market.
Huang has expressed dissatisfaction over chip controls during the earnings call and in media appearances that followed.
“On export control, China is one of the world’s largest AI markets and a springboard to global success. With half of the world’s AI researchers based there, the platform that wins China is positioned to lead globally,” Huang said during the May 28 earnings call. “Today, however, the $50 billion China market is effectively closed to US industry.”
“Export controls should strengthen US platforms, not drive half of the world’s AI talent to rivals,” Huang added.
Immediately after the earnings call on May 28, Nvidia shares shot up nearly 5% after trading hours, and as of June 3, had gained nearly 24% over the past month.
Overall, this week, investors flocked to chip stocks. The VanEck Semiconductor ETF climbed 2%, while individual companies like Micron Technology also gained as much as 4%.
A spokesperson for Nvidia declined to comment. Microsoft did not immediately respond to a request for comments.