Apple overtakes Nvidia as world’s most valuable company as it barrels toward $5T

Apple has officially reclaimed the world’s most valuable company title based on market cap. The company overtook Nvidia during intraday trading on Friday with its stock up 17 points this week.

Apple is also well on its way to a $5 trillion valuation based on market capitalization. The company’s stock has touched $4.9 trillion already. Nvidia already claimed the title of first company to cross the $5 trillion threshold.

Apple’s stock moves on Friday follow several days of record highs for the company.

Apple briefly traded down following the company’s unprecedented price increases on Macs, iPads, and other products due to the ongoing global RAM shortage. However, the company more than recovered after a week of trading.

The next milestone for the company will be crossing the $5T market cap threshold.

Meanwhile, Apple is currently undergoing a CEO transition from Tim Cook to John Ternus. The announcement was made official earlier this year. August will mark Cook’s last month as Apple CEO. Cook will stick around as executive chairman of the board.