Apple briefly tops Nvidia with $4.88 trillion market value
What's new: Nvidia later edged back ahead by the close, underscoring a tight race as investors reassess which AI bets will pay off.
Apple briefly overtook Nvidia on July 17 to become the world’s most valuable company, reaching about $4.88 trillion in market value as Nvidia fell roughly 3% intraday. CNBC reported Nvidia later reclaimed a narrow lead by the close, but the session marked a fresh reshuffling at the top of the US stock market. The move reflects a shift in investor sentiment around artificial intelligence, with Apple gaining favor on expectations it can turn AI features into services revenue, hardware upgrades and stronger ecosystem ties without the same level of capital spending as chipmakers. Nvidia, which first crossed a $5 trillion valuation in October and had led since June 2025, remains central to the AI infrastructure boom.