Apple has once again become the world’s most valuable company, surpassing Nvidia by market capitalization for the first time since April 2025. At Friday’s market close, Apple’s value stood at approximately $4.88 trillion, while Nvidia, following a 3.5% drop in its stock price, fell to around $4.86 trillion.
Nvidia had held the top spot for nearly a year, after becoming the first company in history to achieve a market capitalization above $5 trillion in October. However, investors are now reassessing the valuations of companies linked to artificial intelligence development, and market attention is beginning to shift beyond the largest suppliers of AI accelerators.
Until recently, Apple was seen as a laggard in the artificial intelligence race, as it had not invested in developing its own large-scale models. This situation changed after Apple introduced an updated version of Siri, following a prolonged delay. The company is betting on integrating third-party AI models rather than training its own systems in-house.
Apple also reported the best quarter in its history, which lent support to a business model where it advances AI features without building its own foundational AI model.
Meanwhile, the semiconductor manufacturers’ index has fallen nearly 19% from its all-time highs, as investors evaluate the sustainability of AI-driven growth. At the same time, some market focus has shifted to memory producers—Micron, for instance, surpassed the $1 trillion market capitalization mark in May, and SK Hynix listed on Nasdaq this month.
The change in leadership does not signify a definitive shift in the balance of power. Nvidia retains a critical role in AI infrastructure through its GPUs, while memory manufacturers benefit from long-term supply contracts for AI systems. Apple’s position also depends on demand: the company is raising prices due to increased memory costs and the impact of tariffs, which could affect sales.
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