NEW YORK: Apple’s market value briefly exceeded Nvidia’s on Friday, putting the iPhone maker atop the global rankings before Nvidia shares recovered and restored the chipmaker’s lead.
Apple was valued at about $4.88 trillion during the early move, while Nvidia fell to approximately $4.86 trillion after its shares declined 3.5%, according to a Reuters report.
NVIDIA’s stock later pared its losses, allowing the artificial-intelligence chipmaker to move back above Apple. The intraday reversal underscored how narrow and volatile the valuation gap between the two companies had become.
The initial shift occurred during a broader decline in semiconductor and AI-related shares. Investors have been reassessing the returns available from the technology industry’s extensive spending on data centres, processors and artificial-intelligence infrastructure.
“Apple was seen as a laggard in the AI race because it wasn’t spending to develop models, but now sentiment has changed,” BRI Wealth Management Head of Investment Toni Meadows told Reuters.
Apple has relied on its hardware ecosystem, services operations and installed base of devices as it expands its artificial-intelligence offerings. The company reported record quarterly revenue from its services business in April.
The valuation contest comes before a confirmed leadership transition at Apple. John Ternus will succeed Tim Cook as chief executive on September 1, while Cook will become executive chairman, according to an Apple Newsroom announcement.
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NVIDIA became the first listed company to reach a market capitalisation of $5 trillion in October 2025.
