Apple overtakes Nvidia as most valuable company

Apple Inc. has reclaimed the title of the world's most valuable publicly traded company, surpassing Nvidia Corp. in market capitalization for the first time since April 2025. The shift occurred as Apple's shares rose over 1% to push its market cap to approximately $4.95 trillion, while Nvidia's shares fell nearly 5% to around $4.77 trillion amid investor concerns over AI infrastructure spending and financing risks. Nvidia had held the top spot since June 2025, driven by demand for its AI chips, and briefly crossed $5 trillion in October 2025. However, a broader rotation in investor sentiment has favored companies with restrained AI capital expenditure, such as Apple, which has cut capital spending over the past three quarters. Apple's cautious approach to AI investment, reliance on partnerships, and strong ecosystem have been rewarded. The company is set to report fiscal third-quarter earnings on July 30, which will be closely watched for AI roadmap details and the impact of memory chip shortages. Nvidia remains a dominant player in AI infrastructure, but faces headwinds from concerns about the sustainability of AI spending and competition from memory chipmakers like Micron Technology and SK Hynix. The rivalry between the two companies is expected to continue, with both having upcoming earnings reports that could further influence market dynamics.