Nvidia has handed back the position as the world’s most valuable company to Microsoft after its share price fell by more than 3.5% on Thursday.
The artificial intelligence (AI) chip giant briefly held the top spot from Tuesday, with a stock market valuation of $3.34tn (£2.64tn).
But Nvidia’s shares fell to $130.78 on Thursday, sending its value down to around $3.22tn, with Microsoft reclaiming the title as it held steady at more than $3.3tn.
Nvidia’s rise has been fuelled by its dominance of what analysts call the “new gold or oil in the tech sector” – the chips that power AI.
Nvidia, Microsoft and Apple – each worth more than $3tn – are in a three-horse race to be the world’s most valuable company.
While Nvidia reached the top spot for just a brief period, some analysts have predicted competition between the three technology firms will remain fierce.
“We believe over the next year the race to $4 trillion market cap in tech will be…
