On Monday Apple (AAPL.O) closed above NVIDIA (NVDA.O) to become the world's most
valuable company for the first time since April 2025. NVIDIA slid nearly 5%,
cutting its market value to $4.77 tln as investor concerns over large AI
infrastructure spending hit the AI-chip sector. Apple rose about 1% to a $4.95
tln market cap; it is scheduled to report quarterly results after the close on
Thursday. NVIDIA had held the top spot since overtaking Microsoft in June 2025
and briefly reached $5 tln last October. Year-to-date through 2026, NVIDIA is up
~4% while Apple has gained ~24%, with investors favoring Apple's more cautious
AI capex stance and preference for leasing compute over building owned
infrastructure.
