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On Friday, July 17, Nvidia’s stock price fell by about 4%, and the company’s market capitalization dropped to approximately $4.8 trillion. At the same time, Apple’s market capitalization reached about $4.9 trillion. This allowed the iPhone maker to temporarily take the top spot, Euronews notes.
Until recently, Nvidia was considered the main winner of the AI revolution. Following the release of ChatGPT in late 2022, demand for its chips surged. The company’s graphics processing units (GPUs) became the primary hardware for data centers where large AI models are trained.
The growth was impressive. Since January 2023, Nvidia’s stock has risen by more than 1,200%—from approximately $14.86 per share (adjusted for the stock split) to about $205 by mid-July 2026. In June 2024, the company conducted a 10-for-1 stock split.
However, investors have now begun to take a closer look at the sector’s prospects. Questions have intensified in the market about how quickly the multibillion-dollar investments in AI infrastructure and equipment will pay off.
Apple, which for a long time appeared to be a less prominent player in the artificial intelligence race, has gained support thanks to its strategy of gradually integrating AI into existing products. The company is not building its own large language model on the scale of leading AI developers, but is developing AI capabilities within its own ecosystem.
Expectations surrounding an updated version of the Siri voice assistant have provided an additional boost. Amid improving investor sentiment, Apple’s stock has risen by about 20% since the end of June.
Apple’s return to the top shows that the market is beginning to reassess the AI race. Success now depends not only on creating powerful technologies, but also on companies’ ability to turn them into mass-market products.
