It's important to note that this isn't the first time Nvidia has claimed the title of the world's most valuable company. In fact, just a few months ago, in January, Nvidia's market value surpassed those of Microsoft and smartphone giant Apple.

First place in the race for the world’s most valuable company based on market cap bounces around. The three companies that exchange the spot are Apple Inc. (NASDAQ: AAPL), Microsoft Corp. (NASDAQ: MSFT),