- Apple briefly surpassed NVIDIA as the world’s most valuable publicly traded company, hitting an all-time high of $334.95 per share
- The shift was driven more by Nvidia’s 4% drop than by Apple’s rally, with Nvidia shedding over $800 billion since mid-May
- Wall Street’s rotation away from big AI spenders benefited Apple, which maintains modest AI capital expenditures of just 2.5% of sales
- Nvidia quickly reclaimed the top spot within about 50 minutes, and the two companies continue to trade neck-and-neck
Apple overtook Nvidia as the world’s most valuable publicly traded company on Friday after hitting an all-time high of $334.95 per share just 10 minutes into trading, according to reports.
This valuation pushed the company above $4.92 trillion, while Nvidia traded at $199.38, down 4% from Thursday’s close and valuing it at $4.83 trillion. The switchover had more to do with Nvidia dropping than Apple rallying, as Apple’s shares barely moved while Nvidia dropped more than 3%.
Wall Street has been rewarding Apple’s conservative approach to AI spending. HSBC upgraded the stock to buy with a $366 target, citing modest CapEx of 2.5% of sales versus 39% for hyperscalers. Meanwhile, Apple’s AI suite cleared a regulatory hurdle in China, opening a major market.
Nvidia’s slide has been two months old, shedding more than $800 billion since its mid-May peak. The selloff briefly left Nvidia trading near 20 times forward earnings, its cheapest in about seven years. However, Nvidia’s business remains strong, with the company announcing 27,500 Rubin GPUs for Japan’s national AI infrastructure, data shows.
Commenting on the shift, Segal Marco Advisors’ Benjamin Hall told Reuters, “I don’t see any meaningful distinction. Nvidia [is] likely to be a significant participant in whatever happens going forward.” The market agreed quickly, as Nvidia reclaimed its top spot at about $4.94 trillion just 50 minutes later. As prices continue to fluctuate, Apple could regain the lead before the close.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Galaxy Digital buys naming rights to Texas Tech stadium in 15-year deal
- ViteVenom: 7 Malicious npm Packages Target Vite Ecosystem
- SpaceX Stock Future: Starlink Profit vs $5B Loss & $2.1T Valuation
- China’s Moonshot AI Launches Kimi K3, Triggering Global Tech Selloff
- Nebius Secures $775M Loan Backed by Deployed GPU Hardware
