Apple overtakes Nvidia to reclaim the title of world’s most valuable company at $4.88 trillion

Apple overtook Nvidia to become the world's most valuable company at $4.88 trillion, as Nvidia fell 3.5% to $4.86 trillion. The shift reflects investors broadening their AI focus beyond chipmakers, with Apple's strategy of integrating others' AI models proving commercially viable. The semiconductor index has fallen 19% from highs as the AI trade undergoes reassessment.

TL;DR Apple $4.88T overtook Nvidia $4.86T as the world’s most valuable company for the first time since April 2025. Nvidia fell 3.5%. The AI trade is broadening. Nvidia held the crown for nearly a year after becoming the first company to pass $5 trillion. The chip index is down 19% from its highs as investors reassess AI. Apple $4.88T overtook Nvidia $4.86T as the world’s most valuable company for the first time since April 2025. Nvidia fell 3.5%. The AI trade is broadening. Apple overtook Nvidia on Friday to become the world’s most valuable company https://www.theguardian.com/technology/2026/jul/17/apple-nvidia-most-valuable-company for the first time since April 2025. Apple closed at roughly $4.88 trillion as its shares held steady, while Nvidia fell 3.5% to approximately $4.86 trillion. Nvidia had held the top spot for nearly a year after becoming the first company to surpass $5 trillion in October. The shift reflects investors broadening their AI focus beyond the most obvious beneficiaries. “ Apple was seen as a laggard in the AI race because it wasn’t spending to develop models, but now sentiment has changed, ” said Toni Meadows of BRI Wealth Management. Apple rolled out its long-delayed Siri overhaul last month, and CEO Tim Cook is preparing to hand the role to hardware veteran John Ternus in September. Apple posted its best quarter ever https://thenextweb.com/news/apple-record-quarter-cook-ternus-ai-strategy by not building an AI model, proving that the strategy of integrating others’ models rather than training its own can work commercially. The semiconductor index has fallen nearly 19% from its all-time highs as investors reassess the sustainability of the AI trade. The bigger winners this year have been memory chipmakers: Micron crossed $1 trillion in May, and SK Hynix listed on the Nasdaq earlier this month. “ The new entrants to the market could spread out the focus away from the pure Magnificent Seven names into a wider number of names, ” said Benjamin Hall of Segal Marco Advisors. The reshuffling does not necessarily signal a lasting change. Nvidia’s GPUs still power the majority of AI infrastructure, and the company could reclaim the top spot if sentiment shifts. Memory makers like Micron are signing multi-year AI supply deals https://thenextweb.com/news/micron-and-anthropic-sign-a-multi-year-ai-memory-supply-deal that position them as long-term beneficiaries alongside Nvidia rather than replacements. Apple’s position is also delicate: the company has raised prices to offset costs from the memory shortage and tariffs, a strategy that could hurt demand if consumers pull back. Get the most important tech news in your inbox each week.