Apple reclaimed the title of the world's most valuable company on Thursday, surpassing Nvidia after the chipmaker's shares fell sharply in US trading.
Apple's market capitalization reached $4.9 trillion in premarket trading, while Nvidia was valued at $4.8 trillion as its stock dropped 4.4% to $198.35. Nvidia had held the top spot since December 2025, when it overtook Apple, which last led in April 2025. The iPhone maker rolled out a long-delayed overhaul of Siri in June, and CEO Tim Cook is preparing to hand over to John Ternus in September.
The shift came as the S&P 500 opened 1.2% lower and the Nasdaq fell 1.8%. Semiconductor stocks declined broadly, with TSMC down 7.3% and the Philadelphia SE Semiconductor index off nearly 19% from its July highs.