Apple Overtakes Nvidia to Become World’s Most Valuable Company

(Bloomberg) -- Apple Inc. reclaimed the title of world's most valuable company on Friday, taking the mantle from Nvidia Corp. as investors seek the perceived safety of the iPhone maker amid concerns about artificial intelligence spending. Most Read from Bloomberg Binance Estimates $6.3 Billion Hacked in Crypto's Biggest Heist Stocks Slump as Wall Street Gets AI Wake-Up Call: Markets Wrap Google Erases a Record $500 Billion as AI Eats Into Sales Kushner's Thrive Holdings to Buy ADT for $7.6 Billion in Cash Intel Suffers Worst Stock Drop in Decades on Weak Forecast Shares of Apple fell 1.2% on Friday, resulting in a market capitalization of $5.03 trillion, while Nvidia sank 4.2% to close with a valuation of $4.93 trillion.