Nvidia was leading a chip stock rally on Tuesday that could see it leapfrog Microsoft as the largest company by market capitalization. The chip titan was up 2.6% to bring its market cap to $3.45 trillion.

Nvidia reclaims top spot as the most valuable publicly traded company with a $3.45 trillion market cap, surpassing Microsoft.

But concerns about technology spending weighed heavily on Nvidia shares in recent months, and that pushed market value lower once again. Now, though, two elements clearly are driving this rebound in the AI giant.