Apple overtook Nvidia on Friday to become the world’s most valuable publicly traded company after renewed selling pressure on artificial intelligence-related stocks weighed on the chipmaker.
Apple’s market capitalisation climbed to approximately $4.9 trillion during intraday trading, edging past Nvidia’s $4.84 trillion valuation.
The shift came as Nvidia shares extended their decline amid a broader selloff in semiconductor companies and other firms that have benefited from the rapid growth of investment in artificial intelligence.
Investors have increasingly questioned whether the hundreds of billions of dollars being poured into AI infrastructure and data centres will generate returns quickly enough to justify the technology sector’s lofty valuations.
Since reaching a peak in mid-May, Nvidia has lost roughly $1 trillion in market value, with its shares falling about 16% by early July.