Apple has become the U.S.’s most valuable publicly traded company, edging out Nvidia.

Apple’s market cap hit $4.91 trillion Friday, with Nvidia at $4.83 trillion. Nvidia had been the darling of Wall Street for the past year, driven by chip scarcity and the surge in AI demand, but its stock has proven volatile amid doubts that the AI build‑out can continue at last year’s pace.

Nvidia’s shares are up roughly 15.7% over the past year, yet remain more than 15% below their May high; the company’s market cap peaked at $5.5 trillion. Apple, on the other hand, shows a steadier upward trajectory, supported by investor confidence in its dominant consumer position and the upcoming Siri AI launch this fall. Apple’s stock has risen roughly 57.8% over the past year.

Nvidia dethroned Microsoft as the most valuable publicly traded company last June, and its reign lasted 265 trading days. Now Apple has reclaimed the crown, reshuffling Silicon Valley’s hierarchy as markets reassess AI giants.