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Apple overtakes Nvidia as world’s most valuable company amid chip selloff
Nvidia shares slid 3.7% to about $4.8 trillion market value, while Apple rose 0.4% to around $4.9 trillion.
LiveMint Markets, citing Reuters, reported that Apple displaced Nvidia as the world’s most valuable company during Friday trading as semiconductor stocks sold off again.
Nvidia, which had held the top spot since May 2025, fell 3.7%, reducing its market capitalization to around $4.8 trillion, while Apple climbed 0.4% to approximately $4.9 trillion.
The shift followed rotation away from companies seen as most exposed to artificial intelligence infrastructure spending. Nvidia faced additional pressure after reports that Chinese AI startup Moonshot developed a new model aimed at competing with offerings from OpenAI and Anthropic, which rely heavily on Nvidia chips.
Chip stocks remained pressured through the week amid renewed tensions in the Middle East and stretched valuations. The Philadelphia Semiconductor Index, SOX, dropped 4.8% on Friday, extending its decline to more than 20% from its late-June peak and marking a bear market, even as the index remains up nearly 60% for the year so far, Reuters noted.