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, with the iPhone maker surging 22% this year, while Nvidia has gained about 7%.

The leading AI chipmaker, which has rallied since the launch of ChatGPT, has largely sat on sidelines in 2026, 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.