Apple Dethrones Nvidia as Most Valuable Company as AI Bets Shift Beyond Pure Hardware Plays

Despite Its Busted AI, Apple Just Stole Nvidia's Crown as the Most Valuable Company

Apple, the AI laggard, just briefly became a more valuable company than Nvidia, the AI leader. On Friday, Apple's $4.89 market valuation briefly and barely beat Nvidia's $4.85, more than a year after the chipmaker was last dethroned from its leading position in the stock market. Apple has been trailing in the AI space and taking it slow while competitors make huge, reckless leaps. An AI catch-up effort has long been promised, but the AI-enhanced Siri only made its public debut last week, following delays that pushed the timeline off for more than a year. And everyone is waiting to see what the Cupertino giant has to offer at its big September product launch. Meanwhile, Nvidia has enjoyed becoming the poster child of success in the AI hype era. The company became the first to hit a $5 trillion valuation benchmark late last year, inking one multibillion-dollar deal after another to become the primary supplier of the AI buildout. But that position at the center of all this dealmaking may have caused some investors to grow wary of the company. In the last few months, soaring financial commitments from AI hyperscalers like Microsoft, despite limited returns from AI, have alarmed people, with some analysts even painting out doomsday scenarios of this investment turning the tech giants' cash flow negative. If that happens, that would certainly hit Nvidia's profits as well, considering it's the primary hardware supplier for all of them, which is why some experts have begun to fear that Nvidia's revenue growth might be peaking. That growing fear among investors is something company executives, including CEO Jensen Huang, have spent the last couple of months trying to ease. Apple, on the other hand, may have been smart to keep its AI capex within a reasonable range, analysts argue, giving the tech giant enough leeway to continue competing in AI without overshooting. "Apple is less exposed to capex intensity and better positioned to monetize AI via services, ecosystem lock-in, and hardware upgrades," BRI Wealth Management head of investment Toni Meadows told Reuters. On top of that, Apple's iPhone sales have continued to be strong, even when global smartphone shipments have hit record lows due to the memory chip shortage. Some major AI news out of China could have also partially inspired Friday's stock move. On Thursday, Chinese artificial intelligence startup Moonshot debuted its latest model, Kimi K3, a gigantic soon-to-be open-weight model with 2.8 trillion parameters. The announcement sent waves across the American AI industry, particularly for the model's high performance across multiple benchmarks compared to the latest costlier offerings from the frontier American AI companies. The last time a cheaper Chinese model proved serious competition to more expensive frontier American counterparts was with DeepSeek's R1 back in January 2025. Shortly after the model's debut, Nvidia lost its most valuable company position to Microsoft, and didn't regain it until June 2025. When it comes to running open models locally, the Mac mini has seen a lot of demand as a go-to AI machine.

Apple dethrones Nvidia to regain title of world's most valuable company

Shift in pecking order illustrates that investors are reassessing outlook for artificial intelligence Apple overtook Nvidia on Friday to become the world's most valuable company, reshuffling the top ranks of tech heavyweights as investors reassess the outlook for artificial intelligence. Apple was last valued at $4.88tn as ⁠its shares held steady, while Nvidia ⁠was roughly at $4.86tn, after a 3.5% decline. Nvidia became the first company in the world to surpass a $5tn market valuation in October, a landmark that propelled it into a rarefied territory that was far beyond the reach of its rivals. Being superseded by Apple does not necessarily signal a lasting change in the companies' relative standing. The chipmaker remains a major beneficiary of AI-related spending, and its graphics processors are powering much of the generative AI frenzy. The shift in the pecking order illustrates that investors are broadening their focus beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which had been at the helm for nearly a ⁠year. Apple is reclaiming the top spot for the first time since April last year. "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, head of ⁠investment at BRI Wealth Management. Last month, the company rolled out a long-delayed overhaul of Siri, betting the upgraded assistant would help close the gap with big tech rivals and new-age startups in the crucial AI race. For a company that was often seen trailing in the AI race, the milestone reflects Apple's efforts to establish itself more firmly among the sector's leading players, and could shape how CEO Tim Cook's final months at the helm are viewed. Cook is preparing to cede his role to hardware veteran John Ternus in September. Nvidia could reclaim the top spot if sentiment shifts. Apple is in a delicate position, having raised prices to offset rising costs - a strategy that could hurt demand. "I don't see any meaningful distinction. Nvidia likely to be a significant ⁠participant in whatever happens going forward," said Benjamin Hall, vice-president, alpha research at Segal Marco Advisors. However, the AI enthusiasm has spread to other corners of the semiconductor industry. The bigger winners this year have been memory chipmakers such as Micron, which crossed $1tn in market value in May as investors embraced the significance of memory chips in AI infrastructure. South Korea's SK Hynix also listed on the Nasdaq earlier this month, adding another player to the race for investor attention. "The new entrants to the market could spread out the focus away from the pure Magnificent Seven names into a wider number of names," Hall said. The eye-watering chips rally ran into turbulence in July as investors reassessed the sustainability of the artificial intelligence trade, knocking the Philadelphia SE Semiconductor index down almost 19% from its all-time highs. Despite the steep fall, the index has performed better than Nvidia so far this year.

Apple Closes in on Nvidia in Race for World's Most Valuable Company

By Niket Nishant and Shashwat Chauhan July 17 (Reuters) - Apple is within striking distance of overtaking ⁠Nvidia ⁠as the world's most valuable company, a milestone ⁠that would reshuffle the ranks of tech heavyweights as investors reassess the outlook for AI. Apple was last valued at $4.90 trillion as its shares rose marginally in premarket trading on Friday, while Nvidia was roughly at the same level, following a 2.4% decline. If Apple overtakes Nvidia, it would reclaim the top spot for the first time since April last year. The close race shows that investors are broadening their focus beyond the obvious beneficiaries of the AI boom, such as Nvidia, which has been at ⁠the helm for nearly ⁠a year. "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, head of investment at BRI Wealth Management. "Apple is less exposed to capex intensity and better positioned to monetize AI via services, ecosystem lock-in, and hardware upgrades. The re-rating reflects confidence in earnings durability rather than speculative AI upside." For a company that was often seen trailing in the AI race, the narrowing gap with Nvidia reflects Apple's efforts to establish itself more firmly among the sector's leading players, and could shape how CEO Tim Cook's final ⁠months at ⁠the helm are viewed. Cook is preparing ⁠to cede his role to hardware veteran John Ternus in September. Last month, the company rolled out a long-delayed overhaul of Siri, betting the upgraded assistant would help close the gap with Big Tech rivals and new-age ⁠startups in the crucial AI race. Some analysts say Apple is sitting on an AI gold mine in the form of the personal data that lives on every iPhone. The data could make Siri's answers more useful and the assistant more capable. The challenge is that such data is locked away in operating systems in the name of privacy and the company would have to find a way to unlock its value. AI SPENDING LIFTS NEW WINNERS Nvidia became the first company in the world to surpass a $5 trillion ⁠market valuation in October, a landmark that propelled it into a rarefied territory that was far beyond the reach of its ⁠rivals. Even if Nvidia is superseded by Apple, it would not necessarily signal a lasting change in the companies' relative standing. The chipmaker remains a major beneficiary of AI-related spending, and its graphics processors are powering much of the generative AI frenzy. Nvidia could also reclaim the top spot if sentiment shifts. Besides, Apple is in a delicate position itself, having raised prices to offset rising costs -- a strategy that could hurt demand. "I don't see any meaningful distinction should Nvidia lose its crown. It's likely to be a significant participant in whatever happens going forward," said Benjamin Hall, vice president, alpha research at Segal Marco Advisors. However, the AI enthusiasm has spread to other corners of the semiconductor industry. The bigger winners this year have been memory chipmakers such as Micron, which crossed $1 trillion in market value in May as investors embraced the significance of memory chips in ⁠AI infrastructure. South Korea's SK Hynix also listed on the Nasdaq earlier this month, adding another player to the race for investor attention. "The new entrants to the market could spread out the focus away from the pure Magnificent Seven names into a wider number of names," Hall said. The eye-watering chips rally ran into turbulence in July as investors reassessed the sustainability of the artificial intelligence trade, knocking the Philadelphia SE Semiconductor index down almost 19% from its all-time highs. Despite the steep fall, the index has performed better than Nvidia so far this year. (Reporting by Niket Nishant and Shashwat Chauhan in Bengaluru; Editing by Shinjini Ganguli)

Apple unseats Nvidia to become world's most valuable company as AI bets shift

In a remarkable turn of events, Apple has dethroned Nvidia to reclaim its status as the world's most valuable company. This change underscores a significant recalibration of investor perspectives regarding the artificial intelligence landscape, highlighting a shift in focus. With Apple's market value hitting $4.88 trillion compared to Nvidia's $4.86 trillion, this milestone marks a pivotal moment reflecting a wider investor interest beyond solely AI sectors. Apple overtook Nvidia on Friday to become the world's most valuable company, reshuffling the top ranks of tech heavyweights as investors reassess the outlook for artificial intelligence. Apple was last valued at $4.88 trillion as its shares held steady, while Nvidia was roughly at $4.86 trillion, following a 3.5% decline. US MarketsPowered By As on 17 Jul 2026, 08:05 PM IST S&P 500 Top Gainers Travelers Companies365.11(8.08%) LyondellBasell Industries59.96(3.73%) Dow30.36(3.60%) Allstate249.96(3.35%) Gainers" S&P 500 Top Losers Synopsys366.73(-12.06%) Cadence Design Systems321.10(-11.94%) Intuitive Surgical357.00(-11.27%) Coterra Energy32.56(-8.62%) Losers" The shift in the pecking order illustrates that investors are broadening their focus beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which had been at the helm for nearly a year. Apple is reclaiming the top spot for the first time since April last year. "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, head of investment at BRI Wealth Management. "Apple is less exposed to capex intensity and better positioned to monetize AI via services, ecosystem lock-in, and hardware upgrades. The re-rating reflects confidence in earnings durability rather than speculative AI upside." For a company that was often seen trailing in the AI race, the milestone reflects Apple's efforts to establish itself more firmly among the sector's leading players, and could shape how CEO Tim Cook's final months at the helm are viewed. Cook is preparing to cede his role to hardware veteran John Ternus in September. Last month, the company rolled out a ⁠long-delayed overhaul of Siri, betting the upgraded assistant would help close the gap with Big Tech rivals and new-age startups in the crucial AI race. Some analysts say Apple is sitting on an AI gold mine in the form of the personal data ⁠that lives on every iPhone. The data could make Siri's answers more useful and the assistant more capable. The challenge is that such data is locked away in operating systems in the name of privacy and the company would have to find a way to unlock its value. AI SPENDING LIFTS NEW WINNERS Nvidia became the first company in the world to surpass a $5 trillion market valuation in October, a landmark that propelled it into a rarefied territory that was far beyond the reach of its rivals. Being superseded by Apple does not necessarily signal a lasting change in the companies' relative standing. The chipmaker remains a major beneficiary of AI-related spending, and its graphics processors are powering much of the generative AI frenzy. Nvidia could also reclaim the top spot if sentiment shifts. Besides, Apple is in a delicate position itself, having raised prices to offset rising costs -- a strategy that could hurt demand. "I don't see any meaningful distinction. Nvidia likely to be a significant participant in whatever happens going forward," said Benjamin Hall, ⁠vice president, alpha research at Segal Marco Advisors. However, the AI enthusiasm has spread to other corners of the semiconductor industry. The bigger winners this year have been memory chipmakers such as Micron, which crossed $1 trillion in market value in May as investors embraced the significance of memory chips in AI infrastructure. South Korea's SK Hynix also listed on the Nasdaq earlier this month, adding another player to the race for investor attention. "The new entrants to the market could spread out the focus away from the pure Magnificent Seven names into a wider number of names," Hall said. The eye-watering chips rally ran into turbulence in July as investors reassessed the sustainability of the artificial intelligence trade, knocking the Philadelphia SE Semiconductor index down almost 19% from its all-time highs. Despite the steep fall, the index has performed better than Nvidia so far this year.

The tech crown switches hands: Apple dethrones Nvidia as $4 trillion king By Investing.com

Apple briefly reclaimed the title of the world's most valuable company, unseating AI darling Nvidia in a major market shakeup this Friday. As investors begin to look beyond the pure hardware plays of the artificial intelligence boom, Apple's valuation hit a staggering $4.88 trillion. Meanwhile, a 3.5% slide in Nvidia's stock dragged the chipmaker down to $4.86 trillion, ending its nearly year-long reign at the top. Nvidia later bounced off lows, closing the gap. This marks the first time Apple has worn the market-cap crown since April 2025. For months, Apple was dismissed by some as a slow-mover in the generative AI race, seemingly reluctant to spend heavily on developing foundational models. Now, Wall Street is changing its tune. Instead of getting bogged down in capital-intensive model building, Apple is increasingly viewed as uniquely positioned to monetize AI through its massive services arm, ecosystem lock-in, and hardware upgrade cycles. For investors, this market-cap shift reflects rock-solid confidence in Apple's earnings durability rather than speculative AI upside. Apple's resurgence coincides with massive internal shifts and a broadening market rally: * The Changing of the Guard: The timing is poetic. CEO Tim Cook is preparing to step down in September, handing control to hardware veteran John Ternus. * Siri Gets Smart: Apple is finally closing the AI gap. Last month's long-awaited Siri overhaul was a direct shot at tech rivals and new-age startups, proving Apple is ready to compete. * Pricing Power: While Apple has raised prices to offset rising costs -- a move that could test consumer demand -- investors remain bullish on its brand loyalty. Nvidia isn't going anywhere. The company that broke the historic $5 trillion ceiling in October 2025 remains the undisputed engine of the generative AI sector. However, the wider semiconductor market is starting to share the spotlight. Memory powerhouse Micron crossed the $1 trillion mark in May, and South Korea's SK Hynix made a splashy Nasdaq debut earlier this month. Even with the Philadelphia SE Semiconductor index dipping nearly 19% from its July peak, it continues to outperform Nvidia's stock year-to-date. The AI gold rush is maturing. Investors are no longer just looking at who is building the picks and shovels, but who is best positioned to sell the services built on top of them.

Apple tops Nvidia as world's most valuable company as AI bets shift

STORY: Apple overtook Nvidia on Friday to become the world's most valuable company, reshuffling the top ranks of tech giants as investors reassess the outlook for AI. The shift in the pecking order illustrates how investors are looking beyond the most obvious beneficiaries of the AI boom, such as Nvidia. Apple is reclaiming the top spot for the first time since April of last year. :: Nvidia :: $4.88 trillion ::$4.86 trillion. The iPhone maker's market cap on Friday hit $4.88 trillion, edging out Nvidia at $4.86 trillion. :: Apple For Apple, a company often seen trailing in the AI race, the milestone reflects the company's efforts to establish itself more firmly as a leading AI player. Apple last month rolled out a long-delayed overhaul of Siri, betting it would help close the gap ?with Big Tech rivals and newer startups. Some analysts say Apple is also sitting on an AI gold mine with the personal data that lives on every iPhone. :: Apple The challenge is that such data is locked away in operating systems in the name of privacy and the company would have to find a way to unlock its value. :: Nvidia For Nvidia, being superseded by Apple does not necessarily signal a lasting change in the company's standing. The chipmaker remains a major beneficiary of AI-related spending, and its graphics processors are powering much of the generative AI frenzy. :: Nvidia Last fall, Nvidia became the first company in the world to surpass a $5 trillion market valuation, propelling it into a rarefied territory that was far beyond the reach of its rivals. Nvidia could also reclaim the top spot ... amid shifting AI sentiment.