Apple passed Nvidia as the world's most valuable listed company after its shares hit record highs on Friday. The move came as Apple released the iPhone Duo, its first foldable phone, while Nvidia lost ground over AI spending concerns.
Apple pushed past Nvidia to become the world's most valuable listed company as its shares hit record highs on Friday. The stock climbed above $351 during the session, which lifted its market cap to about $5.12 trillion.
Nvidia slipped to second place with a valuation near $5.06 trillion, followed by Google. Apple and Nvidia remain the only two companies to have crossed a $5 trillion market value.
The change in rankings reflects diverging recent performance. Apple shares have gained about 3% over the past month, while Nvidia has dropped 6% as investors grow wary of heavy AI spending.
The rally coincided with the global release of the iPhone Duo, Apple's first foldable phone. The device is priced at around $2,000.
Source: Coinpedia Fintech News
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