Apple on Friday briefly leapfrogged Nvidia to become the world’s most valuable company for the first time in more than a year, as investors gain confidence that the iPhone maker can stage an AI comeback while avoiding its Big Tech rivals’ huge and increasingly risky data centre spending.
Nvidia’s shares fell 2 per cent in New York on Friday, amid a broad sell-off in tech stocks after the debut of Chinese AI developer Moonshot’s new Kimi K3 model shook investor confidence in Silicon Valley’s trillion-dollar spending on AI infrastructure.
Apple, however, remained nearly flat, leaving its market capitalisation close to exceeding $5tn. Apple would be only the second company ever to reach the lofty price tag, after AI chipmaker Nvidia first hit the $5tn mark in October.