Apple overtook Nvidia on Monday, July 27, 2026, to regain its position as the world's most valuable publicly traded company.
The iPhone maker surpassed the AI chip giant at market close for the first time since April 2025, according to CNBC.
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Nvidia shares fell 5% on Monday, reducing the chipmaker's market capitalization to $4.77 trillion.
The decline was part of a broader drop in AI chip stocks, driven by investor concerns over the high costs of building artificial intelligence infrastructure.
In contrast, Apple shares rose 1%, pushing its market cap to $4.95 trillion. The gain came just ahead of Apple's scheduled quarterly earnings report.
Investors have favored Apple's strategy of renting AI capacity rather than making heavy capital investments in its own infrastructure.
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This approach has helped Apple shares climb 24% in 2026, compared to a 4% rise for Nvidia.
Market Shift
Nvidia had held the top valuation spot since June 2025, when it surpassed Microsoft. The chipmaker briefly reached a $5 trillion market capitalization in October.
While Nvidia's sales continue a three-year surge, investor interest has expanded to memory chips and data center infrastructure providers such as Micron Technology, SK Hynix, and Sandisk.
Apple is set to release its fiscal third-quarter financial results on Thursday.
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The company is expected to detail the financial impact of a global memory chip shortage that led to price increases on Mac and iPad models in June.
