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.

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.

Shares of Nvidia neared record highs on Monday, putting the heavyweight AI chipmaker on the brink of dethroning Apple as the world's most valuable company.