Apple dethrones Nvidia to regain title of world’s most valuable firm
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Apple overtook Nvidia on Friday to become the world’s most valuable company, reshuffling the top ranks of tech heavyweights as investors reassess the outlook for artificial intelligence.
Key facts
Apple was last valued at $4.88tn as its shares held steady, while Nvidia was roughly at $4.86tn, after a 3.5% decline
Apple was seen as a laggard in the AI race because it wasn’t spending to develop models, but now sentiment has changed,” said Toni Meadows, head of investment at BRI Wealth Management
South Korea’s SK Hynix also listed on the Nasdaq earlier this month, adding another player to the race for investor attention
The eye-watering chips rally ran into turbulence in July as investors reassessed the sustainability of the artificial intelligence trade, knocking the Philadelphia SE Semiconductor index down almost
Summary
Apple was last valued at $4.88tn as its shares held steady, while Nvidia was roughly at $4.86tn, after a 3.5% decline. Nvidia became the first company in the world to surpass a $5tn market valuation in October, a landmark that propelled it into a rarefied territory that was far beyond the reach of its rivals. Being superseded by Apple does not necessarily signal a lasting change in the companies’ relative standing. The shift in the pecking order illustrates that investors are broadening their focus beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which had been at the helm for nearly a year.