Apple has overtaken Nvidia to become the world's most valuable publicly traded company, a shift that reshuffles the top ranks of tech's heavyweights. According to Reuters, whose report was bylined by Niket Nishant and Shashwat Chauhan, Apple passed Nvidia on Friday, July 17, as investors reassessed the outlook for artificial intelligence.
Several outlets, including MSN and Euronews, stressed that Apple's lead was narrow and that it "briefly" overtook Nvidia during intraday trading. Moomoo reported that Nvidia narrowly retained Wall Street's crown at one point, underscoring how close the two companies remain.
The trigger, by most accounts, was a selloff in semiconductor shares. AFP, cited by MSN, reported that Nvidia slipped below Apple early Friday amid a chip selloff, while CNBC framed the moment as the end of the chipmaker's long run at the top. Reuters and others characterized the move as AI enthusiasm broadening beyond chipmakers—investors are increasingly betting on Apple's ability to monetize AI through its ecosystem, services and hardware rather than just AI infrastructure, according to Moneycontrol.
On the numbers, TradingView and Yellow.com put Apple's market capitalization at roughly $4.88 trillion, with Moneycontrol and 9to5Mac noting the company is closing in on the $5 trillion milestone. Yellow.com cautioned that the slim lead could reverse quickly. Sentiment also got a lift from analysts: TradingKey reported that HSBC raised its Apple price target by 40%, citing an operational turning point.
Some coverage added color to the rivalry. 24/7 Wall St. described Apple as "Buffett's biggest bet," and The Financial Express pointed to new iPhone lineup reports as part of the backdrop. Moneycontrol also noted Apple is preparing for a leadership transition.
Why it matters: the title of world's most valuable company is a barometer for where investors think the AI boom's profits will land. Apple's rise over Nvidia suggests Wall Street is starting to reward companies that sell AI-powered products to consumers, not only the firms building the chips underneath.