Nvidia (NVDA) has overtaken Apple (AAPL) again as the world's most valuable company, with the chipmaker's market capitalization on Monday topping Apple by roughly $30 billion in midday trading.

Nvidia's market cap increased to about $3.38 trillion, with each of its roughly 24.5 billion shares fetching about $137.96, up 1.9%. Apple, by comparison, has around 15.2 billion shares, which were recently trading down 0.4% at $221.98 apiece, reducing the iPhone maker's market cap to around $3.35 trillion.

Nvidia was supported by the announcement from S&P Dow Jones Indices last week that it will replace Intel (INTC) in the 30-stock Dow Jones Industrial Average because Nvidia provides a "more representative exposure to the semiconductors" sector.

The changes in the Dow Jones benchmark index, which also will see paint maker Sherwin Williams (SHW) replacing chemicals producer Dow (DOW), are scheduled to take effect with the start of Friday's regular session trading.

Price: 137.40, Change: +2.00, Percent Change: +1.48