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Nvidia (NASDAQ: NVDA) and Apple (NASDAQ: AAPL) are the two largest companies in the world by market capitalization. While Nvidia is valued at roughly $3.38 trillion as of this writing and stands as the second-biggest business,

Nvidia is once again the most valuable U.S. company, outranking Apple for the first time since late November. A rise in the chip maker's stock meant it ended Tuesday with a market capitalization of $3.

Nvidia stock rose early Wednesday after President Donald Trump sent another signal to markets that artificial intelligence would be a priority under his new administration. The absence of Nvidia CEO Jensen Huang at the inauguration Monday stuck out as Big Tech CEOs thronged to the event.

Apple (AAPL), and the stock has lost over 11% so far, extending its drawdown from all-time highs to over 14%. It also lost its status as the world’s largest company to Nvidia (NVDA), whose share have looked unstoppable over the last few years.