Nvidia Overtakes Apple as World’s Most Valuable Company [Video]

Nvidia (NVDA) shares rose Monday, propelling the AI chip leader into the top spot on the list of the world’s most valuable companies.

Shares climbed 1.6% Monday morning, giving Nvidia a market capitalization of about $3.37 trillion, slightly more than the previous leader Apple’s (AAPL) $3.36 trillion. Apple shares were down slightly Monday after slumping last week amid a tech sell-off and disappointing quarterly profits.

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

Nvidia was named a component of the Dow Jones Industrial Average (DJIA) on Friday. Nvidia is replacing 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 …