Apple overtakes Nvidia to become world's most valuable company again
U.S. technology giant Apple surpassed AI chipmaker Nvidia to become the world's most valuable company once again, as investors assessed the development of artificial intelligence (AI) technologies, DPA reported.
Apple's market capitalization climbed to approximately $4.94 trillion, while Nvidia's market value stood at around $4.83 trillion, CE Report quotes AGERPRES.
Investors have welcomed Apple's restrained capital spending, particularly compared with rivals that are investing tens of billions of dollars in new AI infrastructure.
While companies such as Alphabet and Tesla have accelerated spending to support AI data centers, robotaxis, robot design, manufacturing and deployment, Apple has reduced its capital expenditures over the past three quarters even as it continues expanding its Apple Intelligence platform.
On Thursday, investors will closely examine Apple's earnings report for further insight into its AI strategy, including capital expenditures. It will be the final financial results presentation by CEO Tim Cook.
Apple recently announced the appointment of hardware chief John Ternus as chief executive officer, effective September 1, replacing the renowned Tim Cook, as analysts believe the U.S. tech giant has fallen behind in AI development.
Cook, who increased Apple's market capitalization by $3.6 trillion during his 15 years leading the iPhone maker, will remain executive chairman, Apple said in a statement.
Ternus, who joined Apple in 2001, played a central role in the revival of products such as the Mac, which expanded its market share at the expense of traditional PCs. Although he has maintained a relatively low public profile, he has been deeply involved in shaping Apple's flagship products, including the iPad and AirPods.
Integrating AI into the iPhone—the most successful consumer product in history—could become the greatest challenge of Ternus' tenure.
In January, Apple reached an agreement with Google to use Gemini in an effort to improve its Siri virtual assistant.
Despite introducing AI to the public imagination with Siri in 2011, Apple has not since launched a major hardware or software product centered on modern AI technologies, while rivals such as OpenAI's ChatGPT have attracted hundreds of millions of users. Siri, in particular, has yet to become an "AI agent"—the term AI companies use for systems capable of carrying out complex tasks like a human assistant.
At 50 years old, Ternus is the same age Tim Cook was when he succeeded Apple co-founder Steve Jobs as CEO.
Photo: Chat GPT
