Jensen Huang’s tech heavyweight held the top spot for a whole year before Apple swooped in and claimed it.

📱 Apple Reclaims the Crown

  • Apple closed Monday as the world’s most valuable publicly traded company, overtaking Nvidia for the first time since April 2025.
  • A 1% gain lifted the iPhone maker to a market capitalization of roughly $4.95 trillion, while Nvidia’s 5% slide knocked the AI darling .
  • Nvidia’s reign lasted just over a year after it in June 2025 and briefly crossed the $5 trillion valuation mark.
  • Apple shares yesterday climbed to a fresh all-time high just below $337. Nvidia, meanwhile, has retreated roughly 17% from its May peak as investors continue amid growing concerns over the cost of the industry’s spending spree.

🤖 AI Spending Faces Scrutiny

  • The market’s message has become harder to ignore: investors still love artificial intelligence, but they’re no longer willing to write blank checks.
  • Apple has benefited from taking a different route. Rather than building enormous AI infrastructure from scratch, the company has largely rented computing capacity, helping it avoid the ballooning capital expenditures that have recently and other AI heavyweights.
  • Capital expenditure, or capex, is money companies spend on long-term assets such as data centers, factories and equipment. Bigger capex can fuel future growth, but it also eats into cash flow today — something Wall Street has become increasingly sensitive to.

🍏 Earnings on Deck

  • Apple reports on Thursday, and investors will be looking beyond iPhone sales.
  • Management is expected to provide the first meaningful update on how this year’s global memory-chip shortage and affected the business.
  • Traders will also be watching for commentary around Apple Intelligence, margins and consumer demand. With the stock sitting at record highs, expectations are running high too. At these valuations, "good enough" has a habit of sounding disappointingly average.
  • The results arrive during one of the , with several megacap technology companies reporting.
  • After AI spending , Apple now has a chance to either calm investors down — or give them something new to worry about.