Apple has once again clawed its way to the very top of the technology world. On Friday, July 17, the company overtook Nvidia to reclaim the title of the world’s most valuable company. The comeback carries extra weight because back in June 2024 it was Nvidia that pushed Apple aside to grab the number two spot, and riding the AI boom the chipmaker steadily outmuscled Apple for a long stretch. Last year Nvidia even seized the crown as the single most valuable company on the planet.
A razor-thin gap between the two giants
On Friday, Apple’s market capitalisation rose to $4.88 trillion. Nvidia, meanwhile, slipped to $4.86 trillion after its shares fell 3.5%. That swing in the chipmaker’s value points to a broader global technology shift underway. Nvidia had held the title of the world’s most valuable company continuously since last June. Yet the difference between the two market caps is wafer thin, and the lead could flip again at any moment, but for now the crown sits firmly with Apple.
How Apple turned the tables
What makes the reversal striking is that Apple snatched the top spot from Nvidia in the middle of the AI boom itself. The biggest reason is the confidence investors continue to place in Apple, betting that the AI wave will eventually create huge value for the company too. Nvidia, on the other hand, has been the most direct beneficiary of the AI boom over the past year, playing an outsized role in building out AI infrastructure across the world.
Early on, Apple looked like it was falling behind in the AI race. The Cupertino-based tech company had not put much focus on developing an AI model of its own. That is now changing, with Apple shifting its attention toward services built around the AI ecosystem. Last year, worries over tariffs and inflation put heavy pressure on Apple’s shares, yet the company’s underlying business never actually declined.
Stronger iPhone sales lead the charge
iPhone sales have been improving steadily at the global level, which is why Apple’s shares have jumped nearly 20 percent since the start of this year. As rising component and memory costs forced Android smartphone makers to hike their prices, Apple emerged as the direct winner, with iPhone sales climbing 24% year on year. It is exactly this business strength that proved decisive in lifting Apple back to number one.
