Nvidia was leading a chip stock rally on Tuesday that could see it leapfrog Microsoft as the largest company by market capitalization.

The chip titan was up 2.6% to bring its market cap to $3.45 trillion. Microsoft, down 0.1%, saw its market cap dip to $3.43 trillion. Nvidia hasn’t closed at the top of the market cap charts since Jan. 24, according to Dow Jones Market Data. It last topped Microsoft specifically on March 25.

An analyst at Jefferies added Nvidia to its list of highest-conviction picks.