Apple overtook Nvidia on Monday to become the world’s most valuable publicly traded company, as investors rotated away from AI-focused stocks amid concerns over spending and growing competition.

Apple’s shares rose more than 1 percent, lifting its market value to about $4.9 trillion, while Nvidia fell nearly 5 percent, reducing its market capitalization to $4.8 trillion.

The milestone comes about two years after Apple lost the top spot and despite the company taking a more measured approach to artificial intelligence than its Big Tech rivals.

Analysts said investors are increasingly viewing Apple as a safer investment while questions grow over whether the AI spending boom will generate the expected returns.

Unlike Microsoft, Google and Meta, which have poured hundreds of billions of dollars into AI infrastructure, Apple has largely relied on third-party AI models while continuing to prioritize financial discipline. The company is expected to launch an upgraded Siri later this year after previous delays.