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Apple (AAPL) reclaimed its position as the world’s most valuable publicly traded company on Friday after its market capitalization surpassed Nvidia’s.
Apple shares climbed to an all-time high of $334.99, lifting the company’s market value to approximately $4.88 trillion.
Nvidia shares fell more than 3% in early trading, reducing the AI chipmaker’s market capitalization to about $4.84 trillion.
Nvidia had held the title of the world’s most valuable company since June 2025, when it overtook Microsoft.
The chipmaker also became the first company to reach a $5 trillion market capitalization in October.
Diverging performances in 2026
The two technology companies have taken different paths this year.
Apple shares have gained 22% in 2026, outperforming the broader market as investors responded positively to the company’s artificial intelligence strategy and relatively modest capital spending model.
Nvidia, by comparison, has risen about 7% this year. The company’s shares have lagged as investor attention shifted toward memory chips and data center infrastructure, benefiting companies such as Micron Technology and Sandisk.
Apple’s return to the top of the market value rankings comes after the company was widely viewed as trailing many of its technology peers in the race to develop advanced artificial intelligence capabilities.
The milestone also arrives as Chief Executive Tim Cook prepares to hand leadership of the company to hardware executive John Ternus in September.
Apple advances AI strategy
Last month, Apple introduced a long-delayed overhaul of Siri, positioning the upgraded digital assistant as a key component of its effort to narrow the gap with larger technology rivals and emerging AI-focused companies.
Some analysts believe Apple’s installed base of iPhone users and the personal data stored on those devices could become a significant competitive advantage for its artificial intelligence strategy by enabling Siri to deliver more personalized and capable responses.
However, they also note that much of that data remains protected within Apple’s operating systems because of the company’s privacy policies, requiring Apple to find ways to leverage the information while maintaining those protections.
HSBC upgrades Apple stock
HSBC upgraded Apple to Buy from Hold on Friday and raised its price target to $366 from $260, implying approximately 10% upside from Thursday’s closing price.
Analyst Nicolas Cote-Colisson said in a note to clients, “We believe that the launch of AI features and a strong product pipeline have the potential to drive a major upgrade cycle.”
According to HSBC, Apple can continue benefiting from artificial intelligence through the upcoming expansion of Apple Intelligence, its AI platform for iPhone, iPad, and Mac users.
“Apple is now at an operational turning point: not only can the company stay away from the (too) high capex debate (it only invests 2.5% of its [estimated 2026] sales vs 39% for hyperscalers)…it is also well placed to leverage its 2.5 [billion] installed device base with its forthcoming revamped Apple Intelligence,” Cote-Colisson wrote.
He added that the new agentic Siri AI is expected to launch later this year and could increase demand for Apple devices.
“This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place,” Cote-Colisson wrote.
The analyst also said Apple is expected to introduce its long-awaited foldable iPhone Ultra, alongside the iPhone 18 Pro and iPhone 18 Pro Max, later this year, developments that HSBC believes could further support demand for the company’s products and its shares.
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