Apple overtook Nvidia on Friday to reclaim the title of world's most valuable company, marking a notable shift in investor sentiment towards artificial intelligence stocks. Nvidia had held the top spot for nearly a year after becoming the first company to pass a $5tn valuation in October, but its shares fell 3.5% while Apple's held steady, allowing Apple to move ahead for the first time since April last year. Analysts say the change reflects a broadening of investor focus beyond obvious AI beneficiaries like Nvidia, with sentiment towards Apple improving following last month's overhaul of Siri.

Apple was last valued at $4.88tn against Nvidia's roughly $4.86tn. The reshuffle comes as Apple's CEO, Tim Cook, prepares to hand over to hardware veteran John Ternus in September, and as the company navigates price rises intended to offset costs. Analysts noted Nvidia remains a major AI beneficiary and could reclaim top spot, while enthusiasm has also spread to memory chipmakers such as Micron and SK Hynix, even as the wider semiconductor sector fell almost 19% from its peak amid a July reassessment of the AI trade.