Apple regains world's most valuable company title, overtakes Nvidia
Apple has reclaimed the title of the world's most valuable listed company, overtaking Nvidia as investors reassess the outlook for artificial intelligence (AI) and broaden their investments beyond the biggest AI beneficiaries.
Apple's market capitalisation stood at about $4.88 trillion (₹470-lakh crore at the current exchange rate of about ₹96.37 per US dollar), marginally ahead of Nvidia's $4.86 trillion (₹468-lakh crore), after Nvidia shares fell 3.5 percent while Apple traded largely unchanged.
Nvidia had become the world's first company to cross a $5 trillion (₹482-lakh crore) market valuation in October 2025, driven by unprecedented demand for AI chips.
The latest reshuffle among technology giants suggests investors are no longer focusing solely on companies directly supplying AI infrastructure.
Although Nvidia continues to dominate the AI chip market, with its graphics processors powering much of the global generative AI ecosystem, investors are increasingly recognising opportunities across a broader range of technology companies.
Apple last held the top position in April 2025 before Nvidia surged ahead during the AI-driven rally.
Apple's return to the top has been supported by growing confidence in its AI strategy. The company recently introduced a major overhaul of Siri after months of delay, aiming to narrow the gap with rivals that have moved aggressively into generative AI.
While Apple was initially viewed as lagging behind because it invested less aggressively in developing large AI models, recent product announcements have improved investor sentiment.
The milestone also comes ahead of a leadership transition, with Chief Executive Tim Cook expected to hand over the role to hardware chief John Ternus in September.
Despite losing the top spot, Nvidia remains one of the biggest beneficiaries of the global AI investment boom. Its graphics processors continue to power data centres and AI applications worldwide, and analysts believe the change in rankings does not necessarily indicate a lasting shift. A change in market sentiment could quickly restore Nvidia to the top position.
Investor enthusiasm has spread beyond Nvidia to other semiconductor companies as AI infrastructure spending expands.
Key developments include:
Memory chipmaker Micron crossed a $1 trillion (₹96.4-lakh crore) market valuation in May.
South Korea's SK Hynix made its Nasdaq listing earlier this month, attracting fresh investor interest.
Investors are increasingly diversifying beyond the "Magnificent Seven" technology stocks into a wider range of AI-related companies.
The sharp rally in AI-related semiconductor stocks has cooled in recent weeks. The Philadelphia Semiconductor Index has fallen nearly 19 percent from its record high in July as investors reassess whether AI-driven valuations have outpaced fundamentals.
Even after the correction, the index has outperformed Nvidia's stock so far this year, reflecting continued optimism about long-term AI demand across the broader semiconductor industry.