Apple surpasses Nvidia to regain the title of the most valuable publicly traded company in the world.

Apple has regained the title of the most valuable publicly listed company in the world, surpassing AI chip manufacturer Nvidia after its shares increased by over 1% on Monday, moving towards a record-high close. This achievement underscores Apple’s ability to restore investor confidence despite facing declining iPhone sales in certain markets and heightened competition in the artificial intelligence sector.

The surge raised Apple’s market capitalization to approximately $4.94 trillion, positioning it ahead of Nvidia, which had a market value of around $4.83 trillion. The nearly $110 billion difference between the two companies highlights the intense competition for the top position in recent months, with both firms frequently switching ranks. At current valuations, the combined market capitalization of Apple and Nvidia surpasses the GDP of every country except the United States and China, emphasizing the increasing dominance of Big Tech in global equity markets.

This shift represents another change in the global market-cap hierarchy, with Apple once again surpassing Nvidia to reclaim the title of the world’s most valuable listed company. Both companies have gained from investor optimism surrounding artificial intelligence; Nvidia has emerged as a major benefactor of AI infrastructure investment, while Apple focuses on integrating AI features into its devices via Apple Intelligence. Unlike Nvidia, whose AI growth is fueled by the soaring demand for data center chips, Apple’s AI approach relies on on-device intelligence and software, encouraging users to upgrade their hardware and stay within its ecosystem.
Earlier on July 17, Apple re-established itself as the most valuable company globally, surpassing Nvidia once more as its market capitalization nearly reached $4.9 trillion, compared to the chipmaker’s $4.86 trillion. These frequent shifts at the top reflect how investor sentiment has fluctuated between companies identified as the primary beneficiaries of the AI revolution.

Importantly, Apple is set to release its quarterly earnings after the market closes on Thursday. Investors are eager for insights regarding iPhone demand, advancements in implementing Apple Intelligence, and the management’s outlook for the upcoming months. Analysts will also seek information on services revenue, sales in China, gross margins, and capital spending, all of which could impact Apple’s valuation in the coming period.

This Thursday’s earnings call will mark Tim Cook’s final appearance as Apple’s CEO before transitioning to executive chairman on Sept. 1. John Ternus, the company’s long-time hardware engineering chief, is set to take the reins as CEO. Consequently, the earnings report is anticipated to serve as a significant milestone, providing investors one of Cook’s last chances to present Apple’s strategic priorities prior to the leadership change. This management transition occurs at a critical juncture for Apple as it aims to convince investors that its AI roadmap can spur growth and justify its premium valuation amid intensifying competition from rivals such as Microsoft, Alphabet, and Samsung.

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