For the first time since April 2025, the world’s most valuable company is not an AI chipmaker.

Apple Inc. (NASDAQ:AAPL) has passed Nvidia Corp. (NASDAQ:NVDA) at the top of the global market capitalization ranking.

Apple was last valued near $4.87 trillion. Nvidia sits just behind at roughly $4.80 trillion after sliding more than 4% Friday.

QUICK CONTEXT: How Big Was The Swing?

Nvidia’s market cap peaked at $5.7 trillion on May 14. It has shed roughly $900 billion since.

Over the same stretch Apple added more than $500 billion, climbing from about $4.35 trillion in mid-May.

Two months ago Nvidia was worth $1.35 trillion more than Apple.

What’s next? Apple reports fiscal third-quarter results on July 30, after second-quarter revenue rose 17% to $111.2 billion on a 22% jump in iPhone sales. Nvidia will report Q2 results in late August.

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