Apple has overtaken Nvidia to become the world's most valuable publicly traded company on July 17.

Apple's market capitalisation stood at approximately USD 4.88 trillion on Friday, narrowly surpassing Nvidia's US$4.86 trillion after shares in the chipmaker fell 3.5%, according to Reuters. 

The change ends Nvidia's run at the top, a position it had held since June 2025, and marks Apple's return to the top of the global rankings for the first time since April 2025.

While Nvidia remains central to the AI industry through its graphics processing units (GPUs) that power many generative AI systems, investors are increasingly looking beyond companies that benefit primarily from AI infrastructure spending.

Apple has stepped up its AI strategy in recent months. Last month, the company introduced a redesigned version of Siri, aiming to strengthen its position against competitors that have moved more quickly to integrate generative AI into consumer products.

The leadership change also comes at a significant moment for Apple. Chief Executive Tim Cook is preparing to hand over the role to hardware executive John Ternus in September, making the company's AI strategy a key focus as leadership transitions.

Despite losing the top position, Nvidia remains one of the largest beneficiaries of global AI investment. The company became the first in the world to surpass a USD 5 trillion market valuation in October 2025, driven by strong demand for AI chips used by technology companies developing large language models and cloud infrastructure.