Apple regains top spot as world’s most valuable company

Apple regained world’s top spot with $4.88 trillion valuation, overtaking Nvidia which saw a 3.5 percent market value drop.Apple has surpassed chipmaker Nvidia as the world’s most valuable company as Artificial Intelligence-driven market pressures weigh on investors.Apple is now worth $4.88 trillion compared with Nvidia’s $4.86 trillion, following a 3.5 percent decline in Nvidia’s market value. The milestone marks the first time the Cupertino, California-based iPhone maker has held the top spot in more than a year.Recommended Stories list of 4 itemslist 1 of 4IEA chief warns Strait of Hormuz crisis threatens global energy securitylist 2 of 4China rebukes UK over nationalisation of British Steellist 3 of 4As Chinese economy slows, experts say there will be ‘problems for Beijing’list 4 of 4India debuts hydrogen-powered train as part of sustainability driveend of listNvidia was previously the world’s most valuable company after surpassing the $5 trillion market valuation mark in October.Last month, Apple unveiled a revamped version of its assistant, Siri AI, which enables the personal assistant to better understand the personal context of users’ questions, access real-time information from the Web, and perform more complex tasks on behalf of users.“Market sentiment has shifted from rewarding model makers, then to semis, and now on to those companies that can turn compute into experiences and outcomes the customer will pay for, thus driving corporate earnings,” Michael Monaghan, founder of Founder ETFs, told Al Jazeera.“Apple investors first questioned Apple’s lower AI spend, but now have treated Apple’s lower AI capital expenditure as an advantage, with the bull case being that Apple benefits from consumer AI without spending at cloud-infrastructure scale.”The surge comes in advance of the company’s third-quarter earnings, which are scheduled for release on July 30. Last quarter, Apple executives forecast sales growth of 14 percent to 17 percent.