Microsoft back as most valuable firm as Nvidia slips

Nvidia briefly became the world's most valuable company with a $3.34 trillion valuation, surpassing Microsoft.

However, Nvidia's share price fell by more than 3.5% to $130.78 on Thursday, reducing its value to around $3.22 trillion. Microsoft reclaimed the top spot with a steady valuation of over $3.3 trillion.

Nvidia's surge was driven by its dominance in AI chip technology, crucial for powering AI models like ChatGPT, and a previous boom in Bitcoin mining. Alongside Apple, Nvidia and Microsoft are in a fierce race to a $4 trillion market cap.

Nvidia's CEO, Jensen Huang, has also gained significant popularity.