Apple dethrones Nvidia as world's most valuable company, ending the chipmaker's long run at the top

Apple surpassed Nvidia in market value on Friday to reclaim its spot as the world's most valuable company. Shares of Nvidia dropped more than 3% and its market value dipped to $4.84 trillion in early morning trading. Apple last traded at a $4.88 trillion market value. The two companies have had very different fortunes in 2026. The iPhone maker has surged 22%, outperforming the market this year as investors reward its AI agenda. Meanwhile, the leading AI chipmaker, has gained just 7% and largely sat on sidelines as Wall Street pivots to the memory chip and infrastructure stage of the datacenter buildout. That's benefitted chipmaking stocks such as Micron Technology and Sandisk. Nvidia has held the title of world's most valuable company since June 2025, when it surpassed Microsoft. In October, the company became the first to hit a historic $5 trillion market cap. This is breaking news. Please refresh for updates.