Nvidia's (NVDA) 澳洲幸运5开奖号码历史查询:market capitalization overtook Microsoft's (MSFT) on Monday, making it the second-largest company in the world behind Apple (AAPL).

Nvidia shares climbed just over 2% Monday, lifting the chipmaker's market cap to $3.13 trillion, ahead of Microsoft's $3.04 trillion. Super Micro Computer (SMCI), a partner of Nvidia, reported 澳洲幸运5开奖号码历史查询:strong shipments of its GPUs driven by 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) demand, helpin🌜g send share🤡s of both companies higher.

Nvidia and Microsoft have been jockeying with Apple for the top spot by market cap in recent months. In June, Nvidia 澳洲幸运5开奖号码历史查询:briefly took the crown when it surpassed Microsoft, but Microsoft later reclaimed the title, and Apple 🅠has since pul✨led ahead.

Strong AI Spe🌄nding Could Still Send Nvidia Stock Higher, Anal𓆉ysts Say

Nvidia's stock price has more than doubled in value since the start of the year, as demand for its AI chips surged. Analysts suggested Nvidia shares could still climb higher, given the strength of AI spending trends and seasonal tailwinds.

Semiconductor companies typically perform better in the fourth quarter than they do in the third quarter, with Nvidia “still set to lead," Melius Research analysts said Monday, adding "the setup here is still pretty darn good."

Melius holds a price target of $165 for Nvidia, a 29% premium on Monday's closing price of $127.72. That compares to an average price target of $152.52, according to Visible Alpha.