Quick Read – Apple’s $4.9 trillion market cap now edges past Nvidia’s $4.8 trillion as investors rotate toward lower-capital AI beneficiaries. – Apple spent just $12.7 billion on capex in fiscal 2025 while generating $98.8 billion in free cash flow, avoiding the AI…
frastructure spending trap. – Nvidia trades roughly 15% below its all-time high as investors question remaining upside after a historic two-year AI infrastructure run. – Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Apple didn’t make the cut. Grab the names FREE today
The stock market’s AI trade is entering a new phase. For much of the past two years, investors rewarded companies building the infrastructure behind artificial intelligence — chips, data centers, and networking equipment. That made Nvidia (NASDAQ:NVDA) the undisputed market leader as demand for its processors exploded.
But markets rarely move in straight lines. As AI spending has expanded, investors have started looking beyond the companies writing the biggest checks and toward businesses with durable earnings, strong cash generation, and less dependence on massive capital investments. That shift has helped Apple (NASDAQ:AAPL) once again become the world’s most valuable publicly traded company, with a market capitalization of roughly $4.9 trillion, edging past Nvidia at approximately $4.8 trillion.