Apple logo at an Apple Store in Paris, France [Reuters=Yonhap News File Photo]

As the sell-off in AI semiconductor stocks continued, Apple reclaimed its position as the world's most valuable company by market capitalization during intraday trading on the 17th (local time), surpassing Nvidia.

According to Reuters, Nvidia's stock price plunged 3.7% from the previous trading session early in the New York stock market, causing its market cap to shrink to $4.8 trillion.

Conversely, Apple’s stock rose 0.4% early in the session, pushing its market cap to $4.9 trillion.

This marks the first time in one year and three months that Apple has reclaimed the top spot in global market cap since it was overtaken by Nvidia in April last year.

Nvidia, which sits at the center of the AI technology ecosystem, had previously become the first company in history to surpass a $5 trillion market cap, driven by a surge in its stock price amid the AI frenzy.

However, as concerns grow over whether the rally in AI-related stocks has become excessive, investors have begun re-evaluating the sustainability of the AI investment boom, leading to a persistent sell-off in AI semiconductor-related stocks, including Nvidia.

Since reaching its peak in mid-May, Nvidia’s stock has undergone a correction of 12% as of yesterday.

On the other hand, while Apple had previously been criticized for lagging behind in the AI race, investors have recently begun to positively re-evaluate the company for not having to commit massive capital expenditures to AI model development and the construction of data centers.

Hyperscalers (large-scale data center operators) such as Google, Microsoft, Amazon, and Meta are currently facing financial burdens from the massive capital expenditures required each year.

Tony Meadows, chief investment officer at BRI Wealth Management, told Reuters, "Apple is less exposed to massive capital investments," adding, "Apple is also in a better position to monetize AI through its services, closed product ecosystem, and hardware upgrades."