Apple surpassed NVIDIA on Friday to become the world's most valuable publicly traded company. Apple's market capitalization reached approximately $4.9 trillion. NVIDIA's valuation fell to $4.84 trillion.
NVIDIA has lost approximately $1 trillion in market value since its peak in mid-May. Shares declined as investors questioned the speed of returns on AI infrastructure investments.
The selloff caused a significant weekly drop in the Philadelphia Semiconductor Index. This decline reflects growing caution regarding the pace of AI growth and tech sector valuations.