On Friday Apple (AAPL.O) overtook NVIDIA (NVDA.O) as the world's most valuable
company. Apple's intraday market value stood at $4.88 trillion; NVIDIA shares
fell 3.5%, putting its market value at about $4.86 trillion. The ranking change
reflects investors re-evaluating which firms benefit from the AI boom beyond the
the most obvious winners and is the first time Apple has held the top spot since
April last year. Tony Meadows, chief investment officer at BRI Wealth
Management, said Apple had been viewed as an AI laggard for not investing in
model development but market sentiment has shifted; he said Apple's lower capex
dependence and its ability to monetise AI through services, ecosystem lock‑in
and hardware upgrades supports a valuation reset that reflects confidence in
earnings sustainability rather than speculative AI upside.
