Apple's market value once surpassed Nvidia's during the session, and the market became cautious about large capital expenditures on AI
Affected by the cautious sentiment of the international capital market regarding the return cycle of large-scale infrastructure construction investment in artificial intelligence (AI), technology giants The company's market value once surpassed chip manufacturer NVIDIA during the session on the 17th, regaining the title of the world's largest company by market value. Although Nvidia once again overtook the market in late trading, this change reflected that Wall Street funds were making partial profit-taking and position structure adjustments on the over-speculative AI main line. During the trading session on the 17th, Apple's intraday market value soared to more than 4.91 trillion U.S. dollars, surpassing Nvidia, which experienced a decline in its stock price due to a collective sell-off in chip stocks. As of the close of the day, Nvidia's share price fell by 2.21%, and its market value rose to US$4.92 trillion, barely holding on to its first position in the world; Apple's share price rose by 0.14%, with a market value of US$4.89 trillion. This is the first time since April 2025 that Apple’s market capitalization has returned to the top of the world during intraday trading. Market analysis points out that as technology giants’ capital expenditures on AI model development and supporting data center construction expand rapidly, investors are beginning to reassess whether such high investments can be transformed into substantial profit drivers in the short term. Toni Meadows, investment director at BRI Wealth Management in the UK, said that Apple was previously regarded as a laggard in the field of AI because it did not invest blindly in model development. However, at this stage, due to its lighter capital expenditure pressure and its greater ability to monetize AI through hardware upgrades, ecological closed loops and service businesses, the market's confidence in the sustainability of Apple's performance has rebounded significantly, gradually replacing the previous speculative bullishness on the AI concept. Accompanied by the phased recovery of Apple's market value, the market structure in which one of the "Big Seven" US technology stocks is the dominant one has loosened. Benjamin Hall, vice president of alpha research at Segal Macro Advisors, believes that as market volatility intensifies and opportunities emerge in other sectors such as medical and financial, funds are spreading out from overly concentrated leading companies. At the industry level, the competitive landscape in the international semiconductor and AI fields is becoming more diversified. South Korean memory chip giant SK Hynix officially launched the Listed on the market and became a successor After the technology market value exceeded US$1 trillion, investors evaluated another core target of the AI hardware supply chain. In addition, with the expected listing of artificial intelligence start-up Anthropic and ChatGPT parent company OpenAI within this year, the market expects that there will be more AI targets in the future to divert the capital flow currently concentrated on a few chip giants.