&imwidth=800&imheight=600&format=webp&quality=medium "Apple closes in on Alphabet as world's No. 2 most valuable company: What's behind the rally?")
Apple is on the verge of overtaking Google parent Alphabet to become the world's second most valuable company, as investors continue to back the iPhone maker despite concerns over its artificial intelligence strategy and rising costs.
Apple's market capitalisation has climbed to around $4.56 trillion, edging closer to Nvidia, which remains the world's most valuable company at approximately $4.78 trillion. Alphabet, meanwhile, is valued at about $4.43 trillion, leaving Apple well positioned to move into second place if its shares continue to gain.
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According to Dow Jones Market Data, the gap between Apple and Nvidia has narrowed sharply over the past year. On August 4, 2025, Nvidia was worth about $1.37 trillion, more than Apple, marking the widest gap since Apple lost its position as the world's most valuable company. That difference has now shrunk to roughly $200 billion.
Apple's rise has come even as the company has faced scrutiny over its AI roadmap and higher component costs. Investors have continued to buy its shares, reflecting confidence in the company's long-term prospects. At the same time, Nvidia's stock has cooled after a remarkable multi-year rally driven by the AI boom. Market analysts say investors are increasingly looking beyond Nvidia for exposure to artificial intelligence.
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Mike Reynolds, Vice President of Investment Strategy at Glenmede, told MarketWatch that investors are seeking AI opportunities outside Nvidia rather than concentrating their investments in a single company. "When you become the biggest stock in the world, there's a target on your back from people trying to chip away at your moat, and I think that's part of what we're seeing," Reynolds said, according to MarketWatch.
