Apple Overtakes Nvidia as World's Most Valuable Company at $4.95 Trillion

Apple passed Nvidia on Monday for the title of world's most valuable company, with the iPhone maker topping the artificial intelligence chip firm at market close for the first time since April 2025. Shares of Nvidia fell 5% on Monday, giving the chipmaker a valuation of $4.77 trillion, while Apple shares rose 1%, giving it a market cap of $4.95 trillion. The shift occurred as AI chip stocks declined amid investor concerns about large costs related to the AI buildout, while Apple has been rewarded for its reluctance to spend heavily on capital expenditures for AI.

Nvidia Shares Fall 5% as Apple Gains 1%

Nvidia had held the top spot as the most valuable company since June 2025, when it took the crown from Microsoft, and it briefly held a $5 trillion capitalization in October. So far in 2026, Nvidia's shares have climbed 4% while Apple's are up 24%. Apple has outperformed the market as investors have rewarded its reluctance to spend heavily on capital expenditures for AI, preferring to rent capacity instead of building its own.

Investors Shift Focus from AI Chips to Memory Infrastructure

While Nvidia's sales are now in the third year of massive AI-driven growth, many investors have switched their focus from AI chips called graphics processing units to memory chips and other data center infrastructure that benefit from the AI boom, such as Micron Technology, SK Hynix, and Sandisk.

Apple Reports Fiscal Third-Quarter Earnings Thursday

Apple will report fiscal third-quarter earnings on Thursday, in which the iPhone maker is expected to reveal for the first time some of the financial impacts from the AI-driven global memory chip shortage, which forced the company to raise Mac and iPad prices in June.

FAQ

What is Apple's current market capitalization compared to Nvidia? Apple's market cap stands at $4.95 trillion, while Nvidia's valuation is $4.77 trillion as of Monday's market close.

When did Nvidia last hold the title of world's most valuable company? Nvidia held the top spot as the most valuable company since June 2025, when it took the crown from Microsoft, until Apple overtook it on Monday.

Why did Apple raise Mac and iPad prices in June? Apple raised Mac and iPad prices in June due to the AI-driven global memory chip shortage, which the company is expected to discuss in its fiscal third-quarter earnings on Thursday.