NVIDIA (NVDA) is back on top as the world’s most valuable public company as the US presidential election approaches.

Shares of the chipmaker rose about 2.4% on Tuesday, pushing its market capitalization to $3.42 trillion and beyond that of Apple (AAPL) market capitalization of $3.37 trillion. Shares of the iPhone maker rose about 0.4%.

Apple managed to defend its top spot at market close on Monday after Nvidia briefly took over earlier in the day. At the end of October, Nvidia briefly overtook Apple after a record stock market rally, but ended the day below the tech giant. Nvidia will take Intel’s place in the Dow Jones Industrial Average at the end of the week.

Nvidia has overtaken Apple and Microsoft (MSFT) For the first time in June to become the most valuable public company in the world. Earlier this month, the chipmaker reached the threshold of 3,000 billion dollars for the first time. It became the first semiconductor company to reach $2 trillion valuation after reporting record fourth-quarter profits in February.

SK Hynix, Nvidia’s South Korean chipmaking partner, saw its stocks soar Monday after saying the U.S.-based chipmaker had asked it to increase supplies of its next-generation, high-bandwidth memory chips by six months.

The U.S. presidential election could have implications for Nvidia and other chipmakers that have been subject to tighter U.S. restrictions on their sales to China under the Trump and Biden administrations.

In October, the head of Dutch chipmaking equipment company ASML (ASML) said that he expects more pressure on US allies to curb chip sales in China.

“If you look at the geopolitical landscape, I think it’s clear that the United States will continue to pressure its allies for more restrictions,” said Christophe Fouquet, ASML’s director general. “The question is: what is good for the Netherlands? What is good for Europe?

The United States has finalized restrictions on investments in sensitive technologies in China by American individuals and businesses late last month. The rules cover three categories of technologies: semiconductors, quantum computing and artificial intelligence. Some investments are prohibited, while others require notification to the U.S. government.

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