Apple overtook Nvidia to become the world’s most valuable publicly traded company, as investors reassessed the outlook for artificial-intelligence spending. The shift matters because Nvidia’s valuation has been driven by demand for its AI chips, while Apple has benefited from confidence in its consumer business and AI strategy.

Apple’s market value reached roughly $4.9 trillion, compared with about $4.8 trillion for Nvidia after Nvidia shares fell by as much as 4 per cent. The lead was narrow and could change quickly with share-price movements, but it marked Apple’s return to the top position after Nvidia’s rapid rise during the AI boom.