Apple has reclaimed its position as the world’s most valuable company, overtaking Nvidia as investors reassess the future of the artificial intelligence boom and show renewed confidence in Apple’s cautious approach to the technology.

Nvidia shares fell as much as 4% on Friday amid concerns about high valuations across the AI sector. The decline briefly pushed Nvidia’s market value to around $4.8 trillion (€4.2 trillion), slightly below Apple’s valuation of about $4.9 trillion (€4.3 trillion).

Nvidia had held the top position since 2025, benefiting from soaring demand for the powerful graphics processing units that have become essential to AI data centres. The company’s chips are widely used to train and operate large language models developed by major technology companies including OpenAI, Anthropic and Google.

The surge in Nvidia’s value has been closely linked to the rapid expansion of the AI industry following the launch of ChatGPT in late 2022. Nvidia’s shares have risen more than 1,200% since January 2023, climbing from a split-adjusted price of about $14.86 (€13.00) to roughly $205 (€179.30) by mid-July 2026. The company completed a 10-for-1 stock split in June 2024.

However, investor enthusiasm has recently faced fresh questions over whether the enormous spending on AI chips, data centres and software will generate sufficient returns. Concerns about the valuations of AI-related companies have added pressure to technology stocks.

The debate has also intensified as OpenAI and Anthropic, two of the world’s most valuable privately held technology companies, prepare for potential public listings. Their progress could offer investors a clearer view of the commercial value being created by the AI sector.

Apple, meanwhile, has benefited from stronger investor sentiment despite not developing its own large language model. The company was previously criticised for falling behind rivals in AI, but its more measured approach has increasingly been viewed by some investors as a strength.

Apple shares have climbed about 20% since late June, supported by strong iPhone sales and growing optimism around its AI strategy. The company has also introduced a redesigned version of its Siri voice assistant, which has received broadly positive early reactions.

The shift in market leadership reflects changing expectations around the technology sector. Nvidia remains central to the AI infrastructure boom, but investors are now paying closer attention to how quickly AI spending can translate into sustainable profits.

Apple and Nvidia later traded close together for the top position, highlighting the narrow gap between the two technology giants. The competition between the companies is likely to remain closely watched as the AI industry develops and investors assess whether the current level of spending can deliver long-term growth.

China’s exports posted stronger-than-expected growth in June, rising 27 percent from a year earlier as booming demand linked to artificial intelligence and robust overseas sales of vehicles and technology products lifted trade, according to data released by the country’s customs agency.

The June performance marked a sharp acceleration from the 19.4 percent annual increase recorded in May and exceeded economists’ expectations. Imports also gathered pace, climbing 36 percent year on year after a 27.4 percent rise in May. Analysts said higher import costs resulting from the conflict involving Iran contributed to the increase in import values.

China’s monthly trade surplus widened to $125.6 billion in June from $105.4 billion in May, reflecting continued strength in exports despite concerns about slowing domestic demand.

Julian Evans-Pritchard, Head of China Economics at Capital Economics, said trade values experienced another significant increase during June.

“Trade values took another big leg up in June,” he said in a research note, adding that higher semiconductor prices driven by the rapid expansion of artificial intelligence played a major role. He also noted that demand for Chinese goods remained resilient beyond the technology sector.

Exports of electric vehicles, conventional automobiles and other advanced technology products continued to support manufacturing activity as global investment in artificial intelligence increased demand for semiconductors, electronic components and related equipment.

The export sector has helped offset weaker domestic consumption and investment, which continue to face pressure from China’s prolonged property market downturn.

During the first six months of 2026, exports increased 17.6 percent compared with the same period last year, while imports rose 26.6 percent, according to customs figures.

China’s expanding trade surplus has continued to draw attention from policymakers in the United States and Europe, where concerns have grown over widening trade imbalances. In response to higher tariffs and other trade barriers, many Chinese manufacturers have expanded production facilities overseas, particularly in Europe, while exports to Southeast Asia, Latin America and Africa have continued to grow.

June exports to Southeast Asia climbed nearly 35 percent from a year earlier. Shipments to the European Union increased by more than 18 percent, while exports to Latin America rose over 28 percent. Exports to the United States advanced almost 14 percent, partly reflecting weaker shipments during the same period last year after higher tariffs were introduced following President Donald Trump’s return to office.

Wei Li, Head of Multi-Asset Investments at BNP Paribas Securities China, said export growth is expected to continue but warned that future performance remains vulnerable to changing global demand and regulatory measures affecting key industries such as electric vehicles and artificial intelligence.

China is scheduled to release its April-to-June economic growth figures on Wednesday. The government has set a growth target of between 4.5 percent and 5 percent for 2026, slightly below the 5 percent expansion recorded last year. The International Monetary Fund recently raised its forecast for China’s economic growth this year to 4.6 percent but expects growth to slow to 4.1 percent in 2027 as policymakers continue efforts to stimulate consumer spending.