Forget Nvidia. Apple May Be the AI Stock Wall Street Is Quietly Betting On.

On July 17, Apple (AAPL) briefly became the world's most valuable company again, overtaking Nvidia (NVDA) after a strong day for AAPL stock. Apple shares rose, lifting its market value to roughly $4.88 trillion, while Nvidia shares fell more than 3%, leaving its market capitalization at about $4.86 trillion.

Apple's gains were driven by growing optimism around its artificial intelligence (AI) strategy, stronger iPhone demand, and expectations for another solid earnings report. Meanwhile, Nvidia came under pressure as investors took profits after NVDA stock's massive rally. The broader semiconductor sector also weakened as concerns grew that AI-related spending may slow after an exceptional run.