An article summarize by Quartz:

Apple regained its position as the world's most valuable company on Friday, surpassing Nvidia with a market capitalization of $4.9 trillion compared with Nvidia's $4.8 trillion. The shift came after Nvidia's stock fell about 3.5%, while Apple shares remained relatively stable. Apple has outperformed the rest of the "Magnificent Seven" tech stocks this year, gaining roughly 22%, while Nvidia has risen about 7%.

The change reflects a broader shift in investor sentiment away from companies driving AI infrastructure and toward businesses with stronger consumer ecosystems. Apple's recent approval to launch Apple Intelligence in China, along with an analyst upgrade from HSBC, boosted confidence that the company is well-positioned to monetize artificial intelligence through its large installed base of 2.5 billion devices, services, and future hardware upgrades.

The milestone comes as Apple prepares for a major leadership transition, with CEO Tim Cook expected to step down in September and move into the role of executive chairman, while hardware chief John Ternus becomes CEO. Meanwhile, Nvidia continues to post strong financial results despite the recent decline in its stock price, highlighting that the market's changing preferences are being driven more by investor sentiment than by a deterioration in the company's business fundamentals.

For the article: https://qz.com/apple-overtakes-nvidia-most-valuable-company-071726