Nvidia has retaken the throne as the largest U.S. company by market cap after earnings reinvigorated investor excitement about the world's AI darling. Nvidia now has a market cap of $3.409 trillion in Thursday intraday trading,

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.