Apple retakes the world’s top market-cap spot

Apple has reclaimed the title of the world’s most valuable company, overtaking Nvidia for the first time since April 2025. At Friday’s market close, Apple’s market capitalization stood at approximately $4.88 trillion, compared with about $4.86 trillion for Nvidia after its shares fell 3.5%.

Nvidia had held the top position for almost a year after becoming the first company in history to exceed a $5 trillion valuation in October. Investors are now reassessing companies tied to artificial intelligence and shifting some attention beyond the largest suppliers of AI accelerators.

Apple was recently viewed as lagging in AI because it had not invested in developing its own large models. That changed after the company unveiled an updated Siri following a lengthy delay. Apple is focusing on integrating third-party AI models rather than training its own systems.

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Apple also reported the best quarter in its history, supporting a commercial strategy that adds AI features without building its own foundational AI model.

At the same time, the semiconductor manufacturers' index has fallen nearly 19% from its historical highs as investors assess how durable AI-driven growth will be. Some market attention has moved toward memory-chip makers: Micron surpassed a $1 trillion valuation in May, while SK Hynix began trading on Nasdaq this month.

The leadership change may not be permanent. Nvidia remains central to AI infrastructure through its GPUs, while memory manufacturers are benefiting from multiyear supply contracts for AI systems. Apple’s position also depends on demand: the company is raising prices because of higher memory costs and the impact of tariffs, which could affect sales.