Apple Reclaims Title: World’s Most Valuable Company, Overtakes Nvidia

Apple has reclaimed the title of the world’s most valuable company, surpassing Nvidia on Monday as the iPhone maker’s market capitalization edged out the artificial intelligence chip titan for the first time since April 2025.

Nvidia shares experienced a 5% decline on Monday, bringing its valuation to $4.77 trillion. This downturn in the AI chip sector reflects broader investor concerns regarding the substantial capital expenditures associated with the ongoing AI buildout.

Concurrently, Apple’s stock saw a 1% increase, pushing its market capitalization to $4.95 trillion. This move precedes Apple’s highly anticipated earnings report scheduled for Thursday.

Nvidia had held the top spot as the most valuable company since June 2025, when it overtook Microsoft. The chipmaker briefly touched a $5 trillion market capitalization in October of that year.

Year-to-date in 2026, Nvidia’s stock has seen a modest 4% increase, while Apple’s shares have surged by 24%. Apple’s outperformance can be attributed to its strategic approach to AI investment, where it has opted to lease cloud capacity rather than aggressively investing in its own AI infrastructure, a move that has resonated well with investors.

While Nvidia continues to benefit from its third year of robust AI-driven revenue growth, market sentiment appears to be shifting. Many investors are now directing their focus beyond graphics processing units (GPUs) towards memory chips and other essential data center components that are crucial enablers of the AI revolution. Companies like Micron Technology, SK Hynix, and SanDisk are emerging as key beneficiaries of this evolving investment landscape.

Apple is expected to disclose the financial ramifications of the global AI-driven memory chip shortage in its fiscal third-quarter earnings report on Thursday. This shortage previously compelled the company to implement price increases for its Mac and iPad Pro models in June. The company’s ability to navigate and mitigate these supply chain challenges will be a critical factor for investors to assess.