The change in rankings came after Nvidia shares fell about 3.5% during the session, while Apple stock traded flat to slightly higher.
The two companies have followed markedly different trajectories in 2026.
Apple shares have gained about 22-23% so far this year, making it the best-performing member of the Magnificent Seven, while Nvidia has advanced around 7%, according to CNBC.
Nvidia had occupied the top spot in global market capitalisation rankings since June 2025, when it overtook Microsoft. It also became the first company in the world to cross the $5 trillion market valuation milestone in October.
The latest change in leadership does not necessarily indicate a lasting shift in the companies’ relative positions. Nvidia remains a key beneficiary of the surge in artificial intelligence spending, with its graphics processors powering much of the generative AI boom, and could reclaim the top spot if investor sentiment improves.
Apple, meanwhile, faces its own challenges after raising prices to offset higher costs, a move that could weigh on consumer demand.
On June 25, Apple has raised prices of MacBooks and iPads globally up to 25% in one of the largest price increases in the company’s history, saying an AI-driven shortage of memory chips and storage has made higher prices unavoidable.
“The rapid expansion of AI data centres has created an extraordinary surge in demand for memory and storage,” the company said. “We know this is not welcome news, and we are working tirelessly to find solutions.”
Also Read: Apple chasing AI chip company deals, The Information reports
First Published: Jul 17, 2026 8:15 PM IST
