Representative image (AP image)
Apple Inc once again became the world’s most valuable company, overtaking Nvidia after a sharp decline in the chipmaker’s shares on Friday, according to a Bloomberg report.Nvidia stock fell by 3.7%, reducing its market value to about $4.8 trillion.
Meanwhile, Apple stock rose 0.4%, raising its value to about $4.9 trillion and regaining the top spot for the first time since it was overtaken by Nvidia in May 2025.According to Bloomberg, investors are moving away from companies that have benefited the most from the AI boom and toward companies that are seen as better positioned for long-term growth. Apple has emerged as one of the biggest beneficiaries of this trend.Apple shares have risen 21% since bottoming out in June, and are now up 23% for the year, making it the best-performing stock among the “Greater 7” tech giants. During the same period, the Nasdaq 100 rose 12%, while the S&P 500 rose 8.6%.Apple’s recent rise has also been supported by the government’s long-awaited approval to launch Apple Intelligence in China, a move that is expected to boost the company’s growth prospects.
Nvidia shares have come under pressure after reports that a new AI model developed by Chinese startup Moonshot competes with leading models from OpenAI and Anthropic, both of which are based on Nvidia chips. This development has raised new concerns among investors that massive spending on AI infrastructure may be nearing its peak.Adding to Apple’s momentum, HSBC upgraded the stock to “buy” from “hold,” citing the company’s improving outlook.Apple “now stands at an operational turning point,” analyst Nicola Cote Collison wrote. “Not only can the company stay away from controversy over its (extremely) high capital expenditures,” but it is “also well-positioned to leverage its 2.5 billion installed device base with a soon-to-be revamped Apple Intelligence.”