Apple has solidified its return to the top of global market valuations, reclaiming the crown on Tuesday after briefly seizing it during trading last week. The iPhone maker was valued at roughly $4.88 trillion, edging past Nvidia's approximately $4.86 trillion following a 3.5% drop in the chipmaker's shares.
The shift underscores diverging investor momentum. Apple shares have climbed 12% over the past month and are up 21% from their June low, buoyed by government approval to launch Apple Intelligence in China and an upgrade to buy from HSBC. Nvidia, which first crossed $5 trillion last October, saw its stock fall 4% over the same period despite surging revenue of more than $81 billion in its latest quarter.
The semiconductor sector's broader retreat has weighed on valuations, though peers have still reached significant milestones, with Micron crossing $1 trillion in May and SK Hynix listing on the Nasdaq this month.