Apple is closing in on Nvidia as it looks to reclaim title of largest U.S. company

By Christine Ji and Emily Bary

Once the face of the AI trade, Nvidia's valuation has compressed to levels not seen since 2013 while Apple shares continue to power higher

Shares of Apple have risen 15% year to date.

After reigning as the largest U.S. company by market cap for over a year, Nvidia now risks losing that title to Apple.

Apple (AAPL) is worth about $200 billion less than Nvidia, according to Dow Jones Market Data. The narrowing of the market-capitalization gap between those two companies reflects how Nvidia (NVDA) has lost some luster on Wall Street, all while Apple has proved relatively resilient despite concerns about its artificial-intelligence strategy and component cost pressures.