Apple’s market capitalization reached $4.94 trillion, surpassing Nvidia’s $4.83 trillion, driven by strong year-to-date gains and restrained AI spending.
Apple reclaimed its position as the world’s most valuable public company, with shares rising 1% to push its market capitalization to $4.94 trillion. Nvidia, previously the leader, now trails at $4.83 trillion.
The iPhone maker’s stock has climbed over 22% year-to-date, outperforming peers in the “Magnificent Seven” group. Investors have rewarded Apple’s measured approach to capital expenditures, particularly in AI, avoiding the spending pitfalls seen by rivals like Alphabet and Tesla. Apple’s capex has declined over the past three quarters, contrasting with Alphabet’s increased AI infrastructure spending and Tesla’s robotaxi investments.
Shares of Alphabet and Tesla have underperformed this year, with Alphabet up just 3% and Tesla down roughly 30%. Markets now await earnings from Microsoft, Amazon, and Meta, which are expected to announce further spending increases.