Apple Company's stock value has risen over 1 percent and reached a market value of $4.94 trillion, surpassing Nvidia's $4.83 trillion and reclaiming the position of the world's most valuable company.
Apple's stock value has increased over 22 percent this year, making it the best-performing company among major technology companies.
Investors regained confidence because Apple did not excessively overspend on AI technology.
While Alphabet and Tesla, which announced increased investments in AI technology and infrastructure, saw their stock values decline, Apple managed to reduce costs across all three quarters of the past three months.
Investors are shifting back towards Apple, which can control costs, away from companies that have heavily invested in AI infrastructure.
Investors will watch Apple's upcoming financial report to see whether Apple can expand its Apple Intelligence system while maintaining cost control.
Since June, Nvidia, which has stood as the world's most valuable company and was the first to reach a market value of $5 trillion, has shown only modest growth this year.
At that time, it was learned that Apple CEO Tim Cook will step down from his position on September 1st and transition to Chief Operating Officer, while John Ternus, who heads the hardware engineering division, will take over as the new CEO.
Ref: Yahoo
