Microsoft Corp (NASDAQ:MSFT) has reclaimed its position as the world's most valuable listed company after Nvidia's share price fell by more than 3.5% on Thursday.
NVIDIA Corp (NASDAQ:NVDA, ETR:NVD) briefly held the top spot with a market valuation of $3.34 trillion, but this has proved short-lived.
David Morrison at Trade Nation claimed the dip for Nvidia came as a result of investors crystalising their gains, with the AI chipmaker having reached a fresh record high of US$140.
"As NVIDIA is undoubtedly the market’s major bellwether, what happens next should determine where equities go from here, at least in the short term," he added.
The competition between Microsoft, Nvidia, and Apple to be the world's most valuable company remains intense, with all three companies currently valued at over $3 trillion.
Analysts at Wedbush Securities predict that the race to a $4 trillion market cap will be front and centre among these technology giants over the next year.