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Apple briefly overtakes Nvidia as world's most valuable company
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On July 17, 2026, Apple briefly surpassed Nvidia as the world's most valuable company, with Apple's market value reaching $4.88 trillion versus Nvidia's $4.84 trillion before Nvidia closed slightly ahead. Apple has surged nearly 23% in 2026, outperforming the market as investors reward its AI spending plans and light capital expenditure model. HSBC upgraded Apple to a buy rating, citing new AI capabilities and a strong product pipeline. In contrast, Nvidia has gained only 9% as Wall Street shifts focus from AI chipmakers to companies powering the infrastructure buildout, benefiting memory stocks like Micron and Sandisk. Nvidia had held the title since June 2025 when it surpassed Microsoft, and became the first company to hit a $5 trillion market cap in October 2025.
Source report
Apple briefly surpassed Nvidia in market value on Friday, reclaiming its position as the world's most valuable company in a tight race between the two tech giants.
Market Value Shifts
- Shares of Nvidia dropped approximately 3% in early morning trading, bringing its market value to $4.84 trillion.
- Apple hovered near a $4.88 trillion market value during the same period.
- The positions later reversed, with Nvidia closing slightly above Apple.
Divergent Fortunes in 2026
Apple has surged nearly 23% this year, outperforming the broader market. Investors have rewarded the company's AI agenda and light capital spending model as businesses commit unprecedented capital to infrastructure buildout.
Shares hit fresh highs this week, and HSBC upgraded the stock to a buy rating, citing new AI capabilities and a strong product pipeline.
"This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place." — HSBC analysts
In contrast, Nvidia has gained just 9% this year, largely sitting on the sidelines as Wall Street pivots to the memory chip and infrastructure stage of the data center buildout. This shift has benefited memory stocks such as Micron Technology and Sandisk.
Historical Context
- Nvidia had held the title of world's most valuable company since June 2025, when it surpassed Microsoft.
- In October 2025, Nvidia became the first company to hit a historic $5 trillion market cap.
- That same month, Apple crossed a $4 trillion market cap for the first time, driven by strong iPhone sales.
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Source
US Top News and AnalysisWestern
Part of this Story
Apple surpasses Nvidia as world's most valuable company on July 17, 2026