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Nvidia (NVDA) overtook Microsoft (MSFT) on Tuesday as the most valuable company in the world just two weeks after it took the No. 2 spot from Apple (AAPL).

Nvidia's stock price rose about 3.5%, eclipsing $135 per share and giving the chipmaker a market capitalization over $3.33 trillion. With a 0.4% slide on Tuesday, Microsoft's market cap stood at nearly $3.32 trillion.

Shares of Nvidia are up more than 215% over the last 12 months and more than 3,400% over the last five years. Year to date, Nvidia has gained 175%; Microsoft stock is up just less than 19% in 2024.

Nvidia first crossed a $1 trillion market cap on June 13, 2023. The stock advanced north of $2 trillion on March 1, and then rapidly crossed the $3 trillion mark for the first time on June 5. The company's advance from a $1 trillion to a $3 trillion market cap was the fastest on record.

Nvidia's surge has made it a top weighting in the S&P 500 (^GSPC), and the chipmaker has served a pivotal role in the benchmark index hitting record highs in 2024.

Up until May, the S&P 500 had traded with a near-perfect correlation to Nvidia's price movement, meaning that as Nvidia's stock rose, so did the broader index. As of Monday, Nvidia's stock gains alone had contributed about one-third of the S&P 500's year-to-date rise, according to data from Citi's equity research team.

Nvidia completed a 10-for-1 split on June 10.