Apple briefly became the world’s most valuable publicly traded company once again on Friday before Nvidia reclaimed the top spot.
While Nvidia ended the week with a market cap of $4.912 trillion, just a hair ahead of Apple’s $4.901 trillion valuation, Friday’s trading capped a blockbuster week of gains for AAPL, even as investors pummeled AI-related stocks.
How Apple became the world’s most valuable company, again
It’s been a wild ride on Wall Street for Nvidia, Apple and other tech giants recently. After months of gains by AI companies and chipmakers like Nvidia — whose market valuation topped $5 trillion in late 2025 — many tech stocks fell this week over concerns that AI might be overhyped.
“The latest development is competition from open-source models in China, which are reportedly rivaling the performance of leading offerings from Anthropic and OpenAI, raising fresh concerns about the heavy pace of technology spending,” Angelo Kourkafas, senior investment strategist at Edward Jones, told CNBC. “We are seeing signs of fatigue, with end-user demand for AI becoming more price sensitive and the market starting to penalize companies that are ramping spending too aggressively.”
This week saw declines on the S&P 500 (down 1.6%), the Nasdaq (down 2.9%) and the Dow Jones Industrial Average (down 0.9%). While most leading tech stocks showed red on Friday, Apple eked out a 0.14% gain to close at $333.74. AAPL’s brief rise above NVDA marked the first time Apple topped the most valuable companies list since Nvidia claimed the title in May 2025.
This is the latest swing in a fierce back-and-forth between the two tech giants. Apple’s stock notched several record highs this week.
Apple’s next stop: $5 trillion market cap
In October 2025, Nvidia’s market cap crossed the $5 trillion mark. Apple isn’t there yet, but it’s closing in fast. Investors are waiting for Apple’s next earnings report, which is due on July 30. A strong quarter could give Apple stock the push needed toward the $5 trillion milestone (although the company’s stock often falls after it reports yet another round of astonishing numbers).
There’s a bigger shakeup brewing behind the scenes at Apple, too.
Tim Cook will step down as Apple CEO next month, handing over the reins to hardware chief John Ternus. Cook will stick around as executive chairman, but it will still mark the end of an era for Apple.
Anurag Chawake is a tech-focused writer specializing in smartphones, apps and consumer technology. His interest in computers began during the Windows 98 era, eventually leading him to explore everything from operating systems to mobile devices and PC hardware. Anurag previously contributed to The Indian Express, covering Apple, Android, gaming and the broader technology landscape.
