Apple reclaimed its position as the world's most valuable publicly traded company on Friday after a sell-off in semiconductor stocks briefly knocked Nvidia from the top spot, highlighting growing investor caution over the pace and profitability of the artificial intelligence boom.
Apple's market capitalization stood at about $4.88 trillion as its shares remained largely unchanged, while Nvidia slipped about 3.5% to roughly $4.86 trillion. The reversal ended Nvidia's nearly yearlong run atop Wall Street and marked Apple's first return to the No. 1 position since April 2025.
The changing rankings underscore a shift in investor sentiment as markets look beyond the companies that initially fueled the AI rally and place greater emphasis on businesses with more predictable earnings and broader revenue streams.
Nvidia remains the defining company of the AI era that began with the launch of ChatGPT in late 2022.
Nvidia CEO Jensen Huang speaks during a doorstep after attending the AI Ecosystem Reception, Tokyo, Japan, July 16, 2026. (Reuters Photo)
