Apple ends day as world's most valuable company, passing Nvidia

Apple has reclaimed the title of the world's most valuable company. As of Monday's market close, Apple moved past Nvidia to take the top spot. This shift marks the first time since April 2025 that the iPhone maker has held the position. The change comes after a period of intense focus on AI hardware, a sector that has dominated market valuations for over a year.

Nvidia, which had held the lead since June 2025, saw its shares drop 5% on Monday. The chipmaker now holds a valuation of $4.77 trillion. Investors appear to be recalibrating their expectations as concerns grow regarding the significant capital costs associated with large-scale AI infrastructure buildouts. While Nvidia's growth has been fueled by massive demand for graphics processing units, market sentiment is shifting toward other areas of data center hardware.

Apple sits at a valuation of $4.95 trillion following a 1% rise in its share price. Throughout 2026, Apple shares have climbed 24% while Nvidia shares have seen more modest gains of 4%. Analysts note that Apple has successfully positioned itself as a hedge against the heavy spending trends in the AI sector. The company has opted to rent capacity rather than funding massive, direct capital expenditures for its own hardware.

This shift in valuation arrives just ahead of Apple's fiscal third-quarter earnings report scheduled for Thursday. Market observers expect the company to provide clarity on the financial impact of recent memory chip shortages. These supply constraints forced Apple to increase pricing for its Mac and iPad lines in June. As the broader tech sector grapples with the high cost of the current AI boom, Apple's approach continues to draw significant interest from investors seeking stability.