After more than a year at the top: Nvidia is no longer the world's most valuable company

Apple surpassed Nvidia to become the world's most valuable company by market cap, after Nvidia held the title for over a year. Apple's stock rose 1.2% to a record valuation of $4.95 trillion, while Nvidia's stock fell 5% to $4.78 trillion. The shift reflects growing skepticism toward capital-intensive AI investments.

Apple has dethroned Nvidia from the coveted title and returned to being the world's most valuable company by market cap. Apple's stock rose 1.2% yesterday to close at a record valuation of $4.95 trillion, while Nvidia's stock fell 5%, bringing its market cap to $4.78 trillion. The development reflects growing market skepticism toward capital-intensive investments in artificial intelligence. Nvidia held the title of the world's largest company for over a year, after surpassing Microsoft in June 2025. Nvidia's stock currently trades at a forward P/E of 18.2, compared to 25.5 at the start of the year. According to Dow Jones Market Data, Apple's stock has outperformed the Nasdaq 100 by 23 percentage points since the beginning of July. Concerns over overinvestment in AI have resurfaced following reports that Nvidia is in talks to provide $250 billion in financial backing for OpenAI. Apple has avoided significantly increasing its capital expenditures on AI, preferring to lease computing capacity, an approach that now works in its favor. Apple will release its fiscal third-quarter financial results on Thursday.