Apple overtakes Nvidia to become the world's richest company

Apple overtook Nvidia on Friday to become the world's most valuable company, a reshuffling at the top of tech that reflects how investors are reassessing the AI trade.

Apple held steady at $4.88 trillion while Nvidia slipped 3.5% to roughly $4.86 trillion, ending the chipmaker's nearly year-long reign. It marks Apple's first time atop the rankings since April of last year.

The shift signals investors broadening their focus beyond the most obvious AI winners. Long viewed as a laggard for not spending heavily on model development, Apple is now seen as better positioned to monetize AI through services, ecosystem lock-in and hardware upgrades, with less exposure to capital-intensive spending. Last month's long-delayed Siri overhaul added to the momentum.

The milestone could shape how Tim Cook's final months as CEO are viewed before John Ternus takes over in September. Nvidia, still powering the generative AI boom, could easily reclaim the top spot.