Apple is just a few percentage points away from overtaking Nvidia as the world’s most valuable company, thanks in part to Google. Whether that will hold is another story. Here’s what’s happening.
Apple’s delayed push into AI pays off for now
Since early 2023, Nvidia’s stock has skyrocketed more than 1,000%, thanks mainly to its unique position as the AI market’s leading hardware provider.
This allowed Nvidia to close in on Apple and Microsoft early last year, and definitively overtake them over the first half of 2025.
However, thanks to some shifts in the market over the last few days, Apple may be about to reclaim the title of the world’s most valuable company.
Interestingly, the reason for this is twofold (and somewhat contradictory).
For one, the market appears to be looking for more convincing evidence that the feared AI bubble is not about to burst.
Things looked momentarily under control after Nvidia reported a stellar financial quarter last week, with its stock gaining multiple percentage points in extended trading, only to start dropping the next day alongside the bulk of the technology sector.
Second, and this is where the contradiction comes in, Nvidia saw a 5% drop earlier today, following a The Information report claiming that Meta may be about to strike a multi-billion-dollar deal with Google over the supply of AI chips.
This added to the mounting pressure over accusations that the countless circular deals that have overtaken the entire AI sector have caused Nvidia to allegedly inflate its revenues, a claim the company categorically denied, dismissing comparisons with the Enron financial scandal.
Apple, for its part, has seen a steady climb in its stock over the past few months, and closed at a $4.124T market cap today, behind Nvidia’s $4.234T valuation.
The irony here is that while Apple has been widely criticized for being a latecomer in the AI field, this also means that the company is likely to be less exposed if, or when, the AI bubble bursts.
If the current market trends hold (and that’s a big if), Apple and Nvidia are likely to trade places as the world’s most valuable company in the coming days and weeks.
As to whether Apple will actually firmly overtake Nvidia as the world’s most valuable company, whether by its own merits or by a continued erosion of Nvidia’s market value, time will tell.
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