'Most Valuable Company' Yo-Yo Just Swung Back to Apple

Apple just slid back into the No. 1 slot. The iPhone maker on Friday again became the world's most valuable public company, with a market cap around $4.9 trillion, edging past Nvidia's roughly $4.8 trillion after the chipmaker's shares fell about 3.5%, reports Quartz. Apple's stock is up more than 20% this year, while Nvidia—once the market's AI darling and the first to briefly top $5 trillion—has gained only about 7%. Per the Wall Street Journal, Nvidia knocked Microsoft off the "most valuable company" perch in June 2025, holding the title for 265 trading days.

Quartz notes that the reshuffle comes as investors cool on AI-infrastructure names and warm to other chipmakers like Micron, now worth more than $1 trillion. Apple's rise is getting an extra boost from Beijing's approval of its Apple Intelligence rollout and an HSBC upgrade from "hold" to "buy," with Bloomberg noting that Apple is now at an "operational turning point." The changing of the guard lands as CEO Tim Cook prepares to hand the reins to hardware chief John Ternus in September.