Apple rose to once again become the world’s most valuable publicly traded company on Wednesday. Its market capitalization passed $3.3 trillion, once again putting the Mac-maker ahead of Microsoft.

This comes just days after Apple dropped to third place when Nvidia’s share market cap briefly rose ahead. But AAPL has been on a tear since announcing plans this week to integrate AI into iPhone, Mac and other products.

Update: Stocks go down as well as up, and when Wall Street closed on Wednesday, Microsoft’s valuation was slightly higher than Apple’s.

Apple first grabbed the top spot as the most valuable publicly company way back in 2011. However, its share price has had an up-and-down couple of years. At the beginning of 2022, it passed the $3 trillion mark, the first publicly traded company to do so. Exactly a year later, it was below $2 trillion amidst a general pessimism about tech stocks. Then in December 2023 it went back over $3 trillion but quickly dropped below that. That allowed Microsoft to surge ahead and take the top spot in January 2024.

But the AAPL share price started rising at the beginning of May as leaks about the company’s AI plans surfaced almost daily. Then WWDC24 on Monday brought the official announcement of Apple Intelligence, which will integrate AI into iOS, macOS, and iPadOS and investors were clearly thrilled.

Apple stock has increased in value over 12% on the past couple of days on the strength of those AI plans. That’s an increase in the company’s market cap of over $300 billion, so the Mac-maker is currently valued at $3.32 trillion, according to Yahoo Finance.

Microsoft currently has a market cap of $3.26 trillion, according to Yahoo Finance. Its shares are up 3.3% over the past week, but that’s not enough to keep up with Apple’s surge.

As for chip-maker Nvidia, which briefly passed Apple in total valuation last week, its market cap is now $3.11 trillion, again according to Yahoo Finance. That puts it in third place.

Of course, stock prices go up and down. It’s possible Microsoft will move past Apple to retake the world’s most valuable publicly traded company. Or Apple could stay on top. Only time will tell.