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.