Competition for the title of most valuable company in the world is heating up. Earlier this week Nvidia (NASDAQ: NVDA), after its monster run over the last few years, leapfrogged Microsoft and Apple to become the largest company in the world by market capitalization (market cap), the total value of all publicly traded shares of a company.

After topping its rivals, Nvidia slid back to third place, but this isn't any reason to fret. It's a tight race and the three are likely to be trading places for some time. The next round of earnings later this summer will be a major catalyst that could move the needle to a more stable place if any of the companies beat their own guidance and Wall Street's expectations -- or fall short.

No investing theme is more popular right now than artificial intelligence (AI) and Nvidia is its poster child. Investors are salivating at the incredible returns the company is delivering consistently quarter after quarter -- its revenue last quarter was up 260% year over year -- with the promise of continued growth into the future. Its rapid ascent since AI captured the public's attention is one for the record books. But what should investors pay attention to long-term?

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Source Fool.com