Apple surpasses Nvidia and regains top spot in global market capitalization after more than a year
, becoming the company with the highest market value in the world. This is the first time since April 2025 that the iPhone maker has led the AI chip giant in market capitalization. Nvidia shares fell on Monday $4.77 trillion . AI chip stocks fell overall as investors worried about the high costs associated with AI construction. Meanwhile, Apple shares rose $4.95 trillion , the market is eagerly awaiting the company's closely watched earnings report on Thursday. Nvidia has maintained its position as the world's number one market capitalization since it took the market capitalization crown from Microsoft in June 2025, briefly touching it in October last year. So far in 2026, Nvidia stock has only risen , while Apple has risen cumulatively . Apple's performance outperformed the broader market as investors recognized its strategy of restraint on AI capital expenditures - Apple prefers to rent computing power rather than build its own data centers. While Nvidia's sales are now in their third year of AI-driven growth, many investors have shifted their focus from AI chips to memory chips and other data center infrastructure that benefit from the AI boom, such as Micron Technology, SK Hynix and SanDisk. Apple is set to report fiscal third-quarter earnings on Thursday, with the iPhone maker expected to disclose for the first time some of the financial impact of an AI-driven global memory chip shortage that has forced Apple to raise Mac and iPad prices in June.