Apple has reclaimed its position as the world’s most valuable company, overtaking Nvidia as investors reassess the future of the artificial intelligence boom and show renewed confidence in Apple’s cautious approach to the technology.
Nvidia shares fell as much as 4% on Friday amid concerns about high valuations across the AI sector. The decline briefly pushed Nvidia’s market value to around $4.8 trillion (€4.2 trillion), slightly below Apple’s valuation of about $4.9 trillion (€4.3 trillion).
Nvidia had held the top position since 2025, benefiting from soaring demand for the powerful graphics processing units that have become essential to AI data centres. The company’s chips are widely used to train and operate large language models developed by major technology companies including OpenAI, Anthropic and Google.
The surge in Nvidia’s value has been closely linked to the rapid expansion of the AI industry following the launch of ChatGPT in late 2022. Nvidia’s shares have risen more than 1,200% since January 2023, climbing from a split-adjusted price of about $14.86 (€13.00) to roughly $205 (€179.30) by mid-July 2026. The company completed a 10-for-1 stock split in June 2024.
However, investor enthusiasm has recently faced fresh questions over whether the enormous spending on AI chips, data centres and software will generate sufficient returns. Concerns about the valuations of AI-related companies have added pressure to technology stocks.
The debate has also intensified as OpenAI and Anthropic, two of the world’s most valuable privately held technology companies, prepare for potential public listings. Their progress could offer investors a clearer view of the commercial value being created by the AI sector.
Apple, meanwhile, has benefited from stronger investor sentiment despite not developing its own large language model. The company was previously criticised for falling behind rivals in AI, but its more measured approach has increasingly been viewed by some investors as a strength.
Apple shares have climbed about 20% since late June, supported by strong iPhone sales and growing optimism around its AI strategy. The company has also introduced a redesigned version of its Siri voice assistant, which has received broadly positive early reactions.
The shift in market leadership reflects changing expectations around the technology sector. Nvidia remains central to the AI infrastructure boom, but investors are now paying closer attention to how quickly AI spending can translate into sustainable profits.
Apple and Nvidia later traded close together for the top position, highlighting the narrow gap between the two technology giants. The competition between the companies is likely to remain closely watched as the AI industry develops and investors assess whether the current level of spending can deliver long-term growth.
