- Apple surpassed $5 trillion market value, becoming the world's most valuable company again
- Apple shares rose 0.29% to $337.88, lifting market capitalization above $5 trillion
- Nvidia shares fell 0.20% to $196.11 amid concerns over AI chip spending and financing
Apple crossed the $5 trillion market valuation milestone for the first time on Tuesday, extending its lead as the world's most valuable listed company after overtaking Nvidia earlier this week.
As of 10:44 a.m., Apple shares were trading 0.29% higher at $337.88, lifting the iPhone maker's market capitalisation above the $5 trillion mark. Meanwhile, Nvidia shares slipped 0.20% to $196.11.
Apple reclaimed the top spot on Monday after the market close, marking the first time since April 2025 that it has been the world's most valuable company. The stock gained around 1% during Monday's session, pushing its market value to about $4.95 trillion before crossing the $5 trillion milestone on Tuesday.
Nvidia, which had held the top position since June 2025 after surpassing Microsoft, saw its shares tumble nearly 5% on Monday, reducing its market capitalisation to around $4.77 trillion. The AI chipmaker had briefly crossed the $5 trillion valuation mark in October.
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The sharp decline in Nvidia came amid a broader sell-off in AI chip stocks as investors grew increasingly concerned about the massive capital expenditure required to build AI infrastructure and data centres.
Nvidia's latest decline followed reports that the company is discussing around $250 billion in financing for OpenAI's data centre expansion. The report reignited concerns over heavy AI-related spending and circular dealmaking, prompting investors to adopt a more cautious stance.
Nvidia's recent weakness is part of a broader slowdown for semiconductor stocks. The company's shares have fallen around 3% over the past week and are up only about 4% so far in 2026, according to CNBC.
In contrast, Apple has outperformed both Nvidia and the broader market, with its shares rising roughly 24% this year.
Investors have favoured Apple's relatively disciplined approach to artificial intelligence investments. Rather than committing massive capital to build its own AI infrastructure, Apple has opted to rent computing capacity, a strategy that has been viewed more favourably by the market amid growing concerns over AI spending.
Market participants are also beginning to rotate away from AI graphics processing unit (GPU) makers such as Nvidia and towards other parts of the AI supply chain, including memory chip manufacturers and data centre infrastructure companies. CNBC identified companies such as Micron Technology, SK Hynix and Sandisk among the beneficiaries of this shift in investor interest.
Attention now turns to Apple's fiscal third-quarter earnings, scheduled to be announced on Thursday. Investors will closely watch the results for updates on how the global AI-driven memory chip shortage has affected the company's financial performance after supply constraints prompted Apple to raise prices for select Mac and iPad models in June.
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