Apple overtook Nvidia on July 17 to become the world’s most valuable company, reshuffling the top ranks of tech heavyweights as investors reassess the outlook for artificial intelligence.

Apple was last valued at US$4.88 trillion (S$6.3 trillion) as its shares held steady, while Nvidia was roughly at US$4.86 trillion, following a 3.5 per cent decline.

The shift in the pecking order illustrates that investors are broadening their focus beyond the most obvious beneficiaries of the AI boom, such as Nvidia, which had been at the helm for nearly a year. Apple is reclaiming the top spot for the first time since April 2025.

“Apple was seen as a laggard in the AI race because it wasn’t spending to develop models, but now sentiment has changed,” said Toni Meadows, head of investment at BRI Wealth Management.

“Apple is less exposed to capex intensity and better positioned to monetise AI via services, ecosystem lock-in and hardware upgrades. The re-rating reflects confidence in earnings durability rather than speculative AI upside.”

For a company that was often seen trailing in the AI race, the milestone reflects Apple’s efforts to establish itself more firmly among the sector’s leading players, and could shape how chief executive Tim Cook’s final months at the helm are viewed.

Cook is preparing to cede his role to hardware veteran John Ternus in September.

In June, the company rolled out a long-delayed overhaul of Siri, betting the upgraded assistant would help close the gap ‌with Big Tech rivals and new-age start-ups in the crucial AI race.

Some analysts say Apple is sitting on an ​AI gold mine in the form of the personal data that lives on every iPhone. The data could make Siri’s answers more useful and the assistant more capable.

The challenge is that such data is locked away in operating systems in the name of privacy and the company would have to find a way to unlock its value.

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