Apple is closing in on Nvidia's position as the world's most valuable publicly traded company, as investors increasingly bet the iPhone maker can turn artificial intelligence into sustained earnings growth.
Apple's market value stood at about $4.9 trillion in premarket trading on Friday (17 July), with its shares edging higher while Nvidia fell 2.4%, leaving the two technology giants almost level.
If Apple overtakes Nvidia, it would regain the top spot for the first time since April last year.
The narrowing gap reflects a shift in investor sentiment beyond companies directly powering the AI boom.
While Nvidia remains the dominant supplier of AI chips used to train and run generative AI models, analysts say investors are becoming increasingly optimistic about Apple's ability to monetise AI through its ecosystem of devices and services, rather than through expensive infrastructure investments.
The company last month unveiled a major overhaul of Siri, its voice assistant, in a bid to catch up with rivals in the race to integrate artificial intelligence into consumer products.
Apple is also preparing for a leadership transition, with Chief Executive Tim Cook expected to hand over to hardware chief John Ternus in September.
Despite the close contest, analysts caution that Nvidia remains one of the biggest beneficiaries of surging AI spending. They say the chipmaker could quickly reclaim the top spot if investor sentiment shifts.
The broader semiconductor sector has also attracted growing investor interest, with companies including memory chipmakers Micron and SK Hynix benefiting from rising demand for AI infrastructure.
However, enthusiasm for AI stocks has cooled in recent weeks, with the Philadelphia Semiconductor Index falling sharply from its record highs as investors reassess the pace and sustainability of the AI-driven rally.
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