Investors are reevaluating the future potential of artificial intelligence (AI), prompting significant shifts in the market capitalization rankings among leading tech firms. On July 17, Apple outpaced Nvidia for the first time since April of the previous year, reclaiming its position as the world’s most valuable company. Apple’s market capitalization recently reached $4.9 trillion, with its stock price maintaining stability. In contrast, Nvidia’s stock price declined by 3.6%, resulting in a market capitalization of approximately $4.84 trillion.

Previously, Apple was perceived as lagging behind due to its absence in AI model development. However, its minimal reliance on capital expenditures and robust AI commercialization capabilities have bolstered investor confidence in the sustainability of its earnings. This reshuffling in the rankings reflects that amid the AI boom, investors are now broadening their focus beyond Nvidia.