Apple has surpassed Nvidia to become the world’s most valuable publicly traded company, ending a stretch during which the chipmaker had reigned as Wall Street’s dominant force amid the artificial intelligence boom.
The iPhone maker closed the trading day at the top of the market-capitalisation rankings, edging past Nvidia, which had held the crown since June 2025, when it overtook Microsoft. The reshuffle underscores a shifting dynamic among the technology giants that have driven much of the recent surge in U.S. equity markets.
Investors have increasingly turned their attention to the heavy capital spending underpinning the AI infrastructure race. Nvidia’s fortunes have been closely tied to the appetite of major technology firms for its high-end processors, a demand cycle that carries substantial spending commitments.
By contrast, Apple has been credited with sidestepping what analysts describe as the “capex pitfalls” facing rivals pouring billions into data centres and AI hardware. The company’s more measured approach to capital expenditure, combined with steady demand for its devices and services, has bolstered confidence in its long-term earnings stability.
The milestone comes after a strong run for Apple’s core business. Earlier this year, the company reclaimed its position as the world’s top smartphone seller, reinforcing its commercial momentum against intensifying competition.
Nvidia’s ascent to the summit had been emblematic of investor enthusiasm for AI. The chipmaker’s rapid growth also earned it a place on the Dow Jones Industrial Average, replacing Intel, a symbolic marker of how central semiconductors had become to the market narrative.
The leadership change between the two firms highlights the volatility at the top of the equity market, where valuations can swing on shifts in sentiment around spending, demand and the durability of the AI trade.
Both companies remain valued in the trillions of dollars, and the gap between them is narrow enough that further movement in either direction could quickly reorder the standings.
The competition for the top spot is expected to remain fluid as markets weigh the returns on massive AI investments against the more established revenue streams of consumer technology.