The jockeying between Apple and Nvidia reflects a debate about the future of AI that has preoccupied investors this summer.

Apple briefly overtook Nvidia as the world's most valuable company with a $4.88 trillion market cap, signaling a shift in how investors price AI

The iPhone maker recently regained its spot as the world’s most valuable company.

Apple briefly surpassed $5 trillion in market value, becoming only the second company after Nvidia to reach the historic milestone.