Apple Pips Nvidia As World's Biggest Company As Chipmaker's Shares Dip 3.7%

Apple Inc. is again the biggest company in the world after wresting the title from Nvidia Corp., which has held it since May 2025.

Nvidia shares sank 3.7 per cent on Friday to bring the chipmaker's market capitalisation down to $4.8 trillion, while Apple's stock climbed 0.4 per cent, putting its valuation at $4.9 trillion. The iPhone maker is benefiting from a broader rotation in the technology sector away from big spenders on artificial intelligence.

Apple's has been on a tear, with its stock rising 21 per cent off a June low. It's up 23 per cent this year, making it the top performer among the Magnificent Seven. The tech-heavy Nasdaq 100 Index has gained 12% in 2026, and the S&P 500 Index has risen 8.6 per cent.

Recent strength has come as investors rotate out of other part of the technology sector, notably the big spenders on AI and the chipmakers that have soared as all that cash pours into their coffers, fretting that their rally may be overdone. Apple also recently received long-awaited government approval to roll out Apple Intelligence in China, which is expected to boost growth.

Nvidia shares slumped on Friday after a new AI model from Chinese startup Moonshot was said to rival the best offerings from OpenAI and Anthropic, which use the company's chips. The prospect of Chinese models gaining traction underscores concerns that heavy spending on AI infrastructure is nearing a peak. Meanwhile, HSBC upgraded Apple to buy from hold, writing that it is well positioned in the current market.

Apple "is now at an operational turning point," analyst Nicolas Cote-Colisson wrote. "Not only can the company stay away from the (too) high capex debate," but "it is also well placed to leverage its 2.5bn installed device base with its forthcoming revamped Apple Intelligence."

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