Apple unseats Nvidia to become world's most valuable company as AI bets shift
Apple overtook Nvidia on July 17, 2026, to become the world's most valuable company, with a market valuation of $4.88 trillion compared to Nvidia's $4.86 trillion following a 3.5% decline in Nvidia's shares. The shift reflects investors broadening their focus beyond the most obvious AI beneficiaries like Nvidia, which had held the top spot for nearly a year. Apple, seen as an AI laggard, is now viewed as better positioned to monetize AI through services, ecosystem lock-in, and hardware upgrades. The milestone comes as CEO Tim Cook prepares to hand over to hardware veteran John Ternus in September. Apple recently rolled out a long-delayed Siri overhaul. Nvidia became the first company to surpass $5 trillion in October 2025 but has since faced turbulence as the AI trade is reassessed. Memory chipmakers like Micron have emerged as new winners, crossing $1 trillion in May 2026.
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