Apple tops Nvidia as world’s largest company amid tech rotation

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Or sign-in if you have an account.Apple’s has been on a tear, with its stock rising 21 per cent off a June low. It’s up 23 per cent this year, making it the top performer among the Magnificent Seven. Photo by NICHOLAS KAMM/AFP via Getty ImagesApple Inc. is again the biggest company in the world after wresting the title from Nvidia Corp., which has held it since May 2025.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountNvidia shares sank 3.7 per cent on Friday to bring the chipmaker’s market capitalization down to US$4.8 trillion, while Apple’s stock climbed 0.4 per cent, putting its valuation at US$4.9 trillion. The iPhone maker is benefiting from a broader rotation in the technology sector away from big spenders on artificial intelligence.Apple’s has been on a tear, with its stock rising 21 per cent off a June low. It’s up 23 per cent this year, making it the top performer among the Magnificent Seven. The tech-heavy Nasdaq 100 Index has gained 12 per cent in 2026, and the S&P 500 Index has risen 8.6 per cent.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againRecent strength has come as investors rotate out of other parts of the technology sector, notably the big spenders on AI and the chipmakers that have soared as all that cash pours into their coffers, fretting that their rally may be overdone. Apple also recently received long-awaited government approval to roll out Apple Intelligence in China, which is expected to boost growth. A worker dusts an Apple sign during an Apple event in New York, US, on Wednesday, March 4, 2026. Photo by Contributed/BloombergNvidia shares slumped on Friday after a new AI model from Chinese startup Moonshot was said to rival the best offerings from OpenAI and Anthropic, which use the company’s chips. The prospect of Chinese models gaining traction underscores concerns that heavy spending on AI infrastructure is nearing a peak. Meanwhile, HSBC upgraded Apple to buy from hold, writing that it is well positioned in the current market.Apple “is now at an operational turning point,” analyst Nicolas Cote-Colisson wrote. “Not only can the company stay away from the (too) high capex debate,” but “it is also well placed to leverage its 2.5 billion installed device base with its forthcoming revamped Apple Intelligence.”We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.