Apple and Nvidia went head-to-head on Friday for the title of the world’s most valuable company, with the iPhone maker briefly overtaking the long-standing leader in market capitalisation.

Nvidia shares fell by about 3 per cent in early trading, pushing the chipmaker’s market value down to $4.84tn, while Apple’s market capitalisation stood at around $4.88tn.

The positions later switched, with Nvidia ultimately closing the session slightly ahead of Apple.

The two companies have enjoyed contrasting fortunes in 2026.

Apple’s shares have surged nearly 23 per cent this year, outperforming the broader market as investors respond positively to its artificial intelligence strategy and relatively light capital-spending model, even as businesses commit unprecedented sums to AI infrastructure.

Nvidia had held the title of the world’s most valuable company since June 2025, when it overtook Microsoft. In October, the chipmaker became the first company to reach a historic $5tn market capitalisation.

Apple also crossed a major milestone that month, surpassing a $4tn market value for the first time, driven by strong iPhone sales.