Apple overtakes Nvidia once again as the world’s most valuable company
Apple has once again claimed the title of the world’s most valuable company, overtaking Nvidia. On Friday, Apple’s market value reached around $4.88 trillion, slightly surpassing Nvidia’s $4.86 trillion after a drop in semiconductor stocks.
The financial trajectories of the two giants have diverged significantly over the course of 2026. Apple saw its value rise by around 22-23%, outperforming the other companies in the Magnificent Seven, while Nvidia’s growth was limited to around 7%.
This puts Apple back in the leading position for the first time since April 2025, ending the dominance of Nvidia, which had topped the rankings since June 2025 and briefly became the first company to exceed a market capitalisation of $5 trillion in October.
This shift in the rankings illustrates a broader trend of reallocations by investors within the technology sector. There is a noticeable decline in enthusiasm for AI infrastructure providers, as evidenced by the Philadelphia SE Semiconductor Index falling by almost 19% from its peak.
By contrast, memory chip manufacturers such as Micron have performed excellently; the latter surpassed a market capitalisation of $1 trillion in May.
Apple benefits from AI, hardware and ecosystem
Several factors have contributed to Apple’s revival. The company received approval to launch Apple Intelligence in China, and analysts at HSBC have upgraded their rating on the stock to ‘buy’, citing a strategic operational shift and the strength of its 2.5 billion active devices.
Investment experts point out that although Apple was previously seen as a laggard in the AI race due to lower spending on model development, it is now considered better positioned to benefit from AI through hardware sales, ecosystem loyalty and its services offering.
Despite this shift, the decline in Nvidia’s valuation is attributed more to changing market sentiment than to any weakness in the company’s fundamentals. The chipmaker reported a stunning 85% year-on-year revenue increase for the first quarter of fiscal 2027, to $81.6 billion.
Business AM
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