Apple dethrones Nvidia as world’s most valuable company, ending the chipmaker’s long run at the top
Apple surpassed Nvidia in market value on Friday to reclaim its spot as the world’s most valuable company.
Shares of Nvidia dropped more than 3% and its market value dipped to $4.84 trillion in early morning trading. Apple last traded at a $4.88 trillion market value.
The two companies have had very different fortunes in 2026.
The iPhone maker has surged 22% this year, outperforming the market as investors reward its AI agenda and capital spending model. Shares also hit fresh highs this week.
Meanwhile, the leading AI chipmaker, has gained just 7% and largely sat on sidelines as Wall Street pivots to the memory chip and infrastructure stage of the datacenter buildout. That’s benefitted chipmaking stocks such as Micron Technology and Sandisk.
Nvidia has held the title of world’s most valuable company since June 2025, when it surpassed Microsoft. In October, the company became the first to hit a historic $5 trillion market cap.
That same month, Apple crossed a $4 trillion market cap for the first time ever on the heels of strong iPhone sales.
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