Which is worth more: a company that’s sitting out Big Tech’s mega AI spending spree or a company that’s fueling it? That’s the question Wall Street has been grappling with as Apple and Nvidia traded off for the title of world’s most valuable company. Apple snagged the title earlier this week, but Nvidia took it back just days later following the iPhone maker’s Thursday earnings report. The back-and-forth is telling. Apple makes the phones and computers that billions of people use to access AI chatbots and agents. But it’s been accused of falling behind in AI, and its core business might have fewer growth opportunities than a rapidly advancing new technology. Plus it’s grappling with a component shortage that’s roiled the tech industry. Meanwhile, Nvidia makes the chips and developer tools that power AI. It’s essential to the technology’s future – and more vulnerable to the uncertainty that comes with it. “When we’re in the part where we’re creating (AI)… that’s where you’re going to be watching Nvidia,” said Joe Tigay, portfolio manager for the Rational Equity Armor Fund, a fund that prioritizes total return on investment. In the future, “we’re going to be looking for companies that are going to monetize the consumption of AI. And Apple absolutely wants to be that company.” The iPhone advantage Unlike many of its Big Tech peers, Apple isn’t pouring billions into building new data centers. Instead, its revenue is largely driven by iPhone sales – exactly the type of consistent and predictable business that appeals to investors. Apple’s iPhone revenue grew 22% in the company’s most recent quarter compared to the same period last year; overall revenue rose 16% year-over-year and beat Wall Street’s expectations. But analysts are wondering whether the company plans to revamp its hit products in the age of