Apple has regained its status as the world’s most valuable company, overtaking Nvidia
Apple’s market capitalisation, at the close of trading on 27 July, nearly reached $5 trillion, making the company once again the world’s most valuable publicly listed company.
This was reported by Business Insider.
During the trading session, Apple’s shares rose by 2%, whilst shares in Nvidia, which had recently held the top spot, fell by 5%. As a result, Nvidia’s market capitalisation fell to $4.77 trillion, leading to a change in the top spot for market capitalisation among the world’s publicly listed companies.
However, according to the publication, the key factor was not only the rise in Apple’s share price, but also a widespread downturn in the artificial intelligence hardware sector, which has affected global markets in recent weeks.
Nvidia lost some ground in the race to be the world’s most valuable company due to investor concerns about the prospects of the artificial intelligence market, as well as a general sell-off of shares, which has had a negative impact on the share prices of leading memory manufacturers and other chipmakers.
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