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FollowingApple overtook Nvidia to become the world's most valuable company
Apple overtook Nvidia on Friday to become the world's most valuable company, a sign that investors are reassessing how large technology groups can profit from artificial intelligence.
Key Points
Apple's market value reached US$4.88 trillion, narrowly surpassing Nvidia's approximately US$4.86 trillion. Investors are reassessing leading stocks related to artificial intelligence.
Nvidia shares fell 3.5%, while Apple shares remained stable in Friday trading.
Investors are shifting their focus from AI infrastructure spending to services, consumer equipment and companies with more predictable earnings.
Apple leads
Apple has regained the top spot for the first time since April 2025, after Nvidia has been leading since June of the same year. The gap between the two is still small and may soon reverse.
Nvidia shares fell 3.5%, sending its market value to about $4.86 trillion, while Apple remained close to $4.88 trillion in Friday trading. Apple has outperformed other "tech giant seven" stocks this year, and investors have increased confidence in its ability to monetize artificial intelligence without matching competitors 'infrastructure spending.
The company launched a long-delayed transformation of Siri last month and is preparing to let Tim Cook hand over the CEO position to hardware veteran John Tenus in September.
NVIDIA AI Prospects
Tony Meadows, head of investment at BRI Wealth Management, said investors 'views on Apple have changed. "Apple was once seen as a laggard in the artificial intelligence race because it didn't invest money in developing models, but now perceptions have changed." Meadows said services, hardware upgrades and customer retention could support earnings while alleviating some of the capital pressure faced by infrastructure providers.
Nvidia remains at the core of generative artificial intelligence because its graphics processors support most of the industry's computing needs. Benjamin Hall, vice president of alpha research at Segal Marco Advisors, said Apple's transcendence has not weakened Nvidia's long-term role. "I don't think there is a significant difference between the two." Hall said.
Other semiconductor companies have also attracted investors 'attention. Micron exceeded its valuation of US$1 trillion in May, and SK Hynix was listed on Nasdaq this month. However, the overall chip rally has weakened, and the Philadelphia Semiconductor Index has fallen nearly 19% from its all-time high.
Nvidia became the first company with a market value of more than US$5 trillion in October 2025, just four months after it won the world's leading position in market value. Apple's return to the top spot-for the first time since April 2025-shows how quickly leadership can change when expectations around AI spending, product demand and earnings change.
