Apple is back on top.
Apple is back on top. At Monday’s close, it reclaimed the title of the world’s most valuable public company. Its market cap hit $4.95 trillion. Nvidia fell 5% to $4.76 trillion.
This is the first time Apple has held the top spot since April 2025. The shift came during a broad semiconductor selloff. Nasdaq 100 futures dropped 0.6%. This marks their fifth straight day of losses.
Reports about Nvidia seem to be the cause. The company may backstop roughly $250 billion of OpenAI’s data-center buildout. This news spooked investors about chip-financing risk.
The pain was global and severe. South Korea’s Kospi dropped 10.8% and triggered circuit breakers. Samsung fell 13.4%. SK Hynix fell over 14.7%. Japan’s Nikkei also closed down nearly 4%.
Apple is up 24% year to date. Investors are rewarding its restrained approach to AI spending. They prefer this over the massive balance sheet commitments now tied to Nvidia. The market sees a clear line between companies that sell infrastructure and those that finance customer buildouts.
This rotation points to a new phase in AI investing. Scrutiny will focus on who carries the financial risk for deployment. It is no longer just about who supplies the chips. Capital efficiency now matters as much as compute capacity.
Not financial advice. For informational and educational purposes only.
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