Apple briefly reclaimed the title of the world’s most valuable publicly traded company on Friday, overtaking chipmaker Nvidia as investors reassessed the leading beneficiaries of the artificial intelligence boom, reports a Qazinform News Agency correspondent.
Apple’s market capitalization climbed to about $4.88 trillion during trading, narrowly exceeding Nvidia’s $4.86 trillion after the chipmaker’s shares fell around 3.5%. However, market data showed Nvidia had regained a slight lead by the closing bell.
The shift marked the first time in more than a year that the iPhone maker had moved ahead of Nvidia, which previously became the first company to cross the $5 trillion valuation threshold.
Apple’s renewed momentum comes amid growing optimism about its consumer-focused AI strategy. In June, the company introduced Siri AI, describing it as a more capable and personalized assistant able to understand users’ personal context, search across applications and retrieve up-to-date information from the web.
Apple is due to release its third-quarter financial results on July 30.
The milestone also comes ahead of a planned leadership transition. Apple has announced that hardware engineering chief John Ternus will become CEO on September 1, while Tim Cook will move into the role of executive chairman.
Despite Apple’s gains, technology shares broadly declined, with semiconductor stocks coming under pressure amid concerns over intensifying competition and the sustainability of AI-related spending.
Earlier, Qazinform News Agency reported that Apple had signed a multiyear agreement worth more than $30 billion with Broadcom to design and manufacture wireless chips in the United States, marking the largest commitment under the company's American Manufacturing Program.