Apple retakes market value lead from Nvidia as chip shares slip

Apple moved back above Nvidia on Friday to become the world’s most valuable listed company, CNBC reported, with the iPhone maker last valued at $4.88 trillion against Nvidia’s $4.84 trillion. Nvidia’s shares fell more than 3% in early morning trading, narrowing a lead the chipmaker had held since June 2025.

The change marks a reversal in leadership between two of the largest companies in global equity markets. Apple has advanced 22% in 2026, while Nvidia has risen about 7% over the same period, according to CNBC.

Market capitalization ranks companies by the total value of their publicly traded equity. It is calculated by multiplying a company’s share price by the number of shares outstanding, which means relatively small moves in either stock can alter the order at the top of the market.

Nvidia had been the largest company by market value since June 2025, when it moved ahead of Microsoft, CNBC reported. The company’s rise followed a broad rally in artificial intelligence-related shares after the launch of ChatGPT, as investors treated Nvidia’s graphics processors as core components for training and running AI models.

That trade has been less dominant in 2026, according to CNBC. Wall Street attention has shifted toward memory chips and infrastructure tied to the next phase of data center construction, benefiting semiconductor names including Micron Technology and Sandisk.

Apple’s return to the top comes despite the wider market focus on AI infrastructure spending. The company’s share performance this year has outpaced Nvidia’s, giving it enough relative momentum to regain the lead in market value.

The move also highlights how leadership among the largest U.S. technology companies has been driven by changes in investor expectations around computing demand, data center investment and consumer technology. Nvidia remains central to the AI chip market, while Apple’s valuation continues to reflect the scale of its hardware and services franchise.

CNBC described the development as breaking news and said the figures were from early Friday trading. Market values can change throughout the session as share prices move.

This story draws on original reporting from CNBC.