Shares of Nvidia increased by more than 3% Monday morning, putting the chip maker’s stock on pace for a record close as it nears an intraday high as the company is once again on the cusp of becoming the world’s most-valuable company ahead of Apple.

Nvidia stock reached its highest closing on record. Shares were up 2.4% at $138.07, while the Nasdaq Composite rose 0.9%. It had traded as high as $139.60 on Monday.The stock’s prior record closing of $135.

In June, Nvidia briefly became the world's most valuable company. It was overtaken by Microsoft, and the tech trio's market capitalizations have been neck-and-neck for several months. The latest gains lifted Nvidia's market value to $3.39 trillion, just below Apple's $3.52 trillion value and above Microsoft's $3.12 trillion.