Quote from Doyin on July 21, 2026, 12:42 pm

Apple has overtaken Nvidia to reclaim its position as the world’s most valuable company, with a market capitalisation of approximately $4.88 trillion compared to Nvidia’s $4.86 trillion.

Nvidia lost its title to Apple following a 3.5% decline in the chipmaker’s shares on Friday, according to Reuters.

The shift marks the first time Apple has held the top spot since April last year, ending nearly a year of dominance by Nvidia, which had been the primary beneficiary of surging investor enthusiasm around artificial intelligence infrastructure spending.

What analysts are saying

According to Reuters, market observers said Apple’s return to the top reflects a change in how investors view the company’s position in the AI economy, having previously dismissed it as a laggard in the race to develop and deploy AI capabilities.

“Apple was seen as a laggard in the AI race because it wasn’t spending to develop models, but now sentiment has changed,”said Toni Meadows, head of investment at BRI Wealth Management.

• “Apple is less exposed to capex intensity and better positioned to monetize AI via services, ecosystem lock-in, and hardware upgrades. The re-rating reflects confidence in earnings durability rather than speculative AI upside,” Meadows added.

Some analysts say Apple is sitting on an AI gold mine in the form of the personal data stored on every iPhone, which could make Siri’s responses more useful and the assistant significantly more capable.

However, the challenge is that such data is locked away within operating systems in the name of privacy, requiring Apple to find a way to unlock its value without compromising its core privacy positioning.

More insights

Apple’s return to the top comes as the company works to establish itself more firmly in the AI race after a period in which rivals appeared to be pulling ahead on model development and AI-powered product features, according to Reuters.

Last month, Apple rolled out a long-delayed overhaul of its Siri voice assistant, betting that the upgraded assistant would help close the gap with Big Tech rivals and AI startups in a competitive landscape that has moved faster than Apple’s traditionally measured product development cadence.

The milestone also carries personal significance for outgoing CEO Tim Cook, who is preparing to hand over leadership to hardware veteran John Ternus in September.

Apple’s reclaimed top ranking is set to potentially shape how Cook’s final months in charge are assessed by investors and industry observers.

What you should know

Apple’s return as the world’s most valuable company comes amid broader signs of strength across its business.

• Earlier this year, Nairametrics reported that Apple emerged as the world’s leading smartphone vendor in 2025, reclaiming the top spot as global smartphone shipments rose 2% year-on-year, marking the industry’s second consecutive year of growth.
• The figures were based on preliminary estimates from Counterpoint Research’s Market Monitor.

The iPhone maker displaced Samsung, which held the top position in 2024, buoyed by strong demand for its premium devices and robust growth across emerging markets.

According to the report, Apple also recorded the fastest growth among the world’s five largest smartphone brands, further strengthening its leadership in the global smartphone market.