Apple surpasses Nvidia to become world's most valuable company

Apple has overtaken Nvidia to become the world's most valuable company. Apple's total market value reached $5.03 trillion, while Nvidia's fell to $4.93 trillion. Both companies lost value on the day, but Nvidia dropped more sharply, falling 4.2%. Apple last held the top position briefly in late July. So far this year, Apple's share price has risen about 28%, while Nvidia's gain has narrowed to around 14%. Nvidia had led for a long time because investors were excited about artificial intelligence. Recently, however, some big technology companies reported disappointing earnings, which raised questions about how much money businesses will continue to spend on AI. Investors have moved toward companies like Apple that sell consumer products and earn steady, reliable income.