Apple edges past Nvidia to reclaim title of world's most valuable company
Apple has overtaken Nvidia to become the world's most valuable publicly traded company, with a market capitalisation of $4.88 trillion as of Friday. Nvidia, which had held the top spot, saw its market value slip to $4.86 trillion after a 3.5% drop in its share price.
The shift marks Apple's return to the top for the first time since April last year, reflecting changing investor sentiment. While Nvidia has been a dominant force in the artificial intelligence (AI) boom, supplying chips for systems like ChatGPT, investors are increasingly looking for companies that can turn AI into sustained profits over the long term.
Apple's AI strategy, although less flashy than that of some competitors, is seen by many analysts as a steady, integrated approach. The company has slowly incorporated AI features into its products, such as improved Siri capabilities and on-device machine learning, without relying on a single blockbuster product.
Nvidia's recent decline is attributed to market concerns about demand sustainability and competition in the AI chip sector. Investors are also watching for potential regulatory hurdles and the high valuation multiples that the stock has carried.
Both companies are headquartered in the United States, with Apple based in Cupertino, California, and Nvidia in Santa Clara, California. The market capitalisation figures are based on closing prices as of the latest trading session, as reported by Reuters.
