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Apple overtakes Nvidia as most valuable company as iPhone maker avoids 'capex pitfalls'
What happened: Apple (AAPL) reclaimed the title of the world's most valuable public company from Nvidia (NVDA) as the iPhone maker's stock headed toward a record-high close on Monday.
Shares rose over 1%, giving Apple a market capitalization of roughly $4.94 trillion, per Yahoo Finance data. Nvidia's market cap stood at $4.83 trillion.
What's behind the move: Apple shares have climbed more than 22% year to date, outperforming the "Magnificent Seven" group, as investors increasingly view the company's restrained AI spending as a strength rather than a weakness.
"Once criticized for not spending more on AI, they have been able to avoid some of those capex pitfalls," said Jay Woods, chief market strategist at Freedom Capital Markets.
Apple dethrones Nvidia as the world's most valuable company
Nvidia stock dropped on Monday, costing the chipmaker its position as the world's most valuable company, swapping positions with Apple.
Monday's 5% decline in Nvidia shares extends a volatile stretch for the company and chip makers broadly. The most recent selling in chips was sparked earlier this month by a new AI model from a Chinese startup that investors fears as a new "DeepSeek moment."
Monday's decline followed a report that Nvidia is in talks to provide $250 billion of financing for OpenAI's data centers, reviving fears of circular dealmaking and huge capex spending, which investors have become increasingly wary of.
Nvidia and Apple swapped positions in Monday's session as Nvidia stock fell to a market cap to about $4.77 trillion. Apple stock, meanwhile, rose 2%, hitting a market cap of roughly $5 trillion.
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