Apple reclaimed the title of world's most valuable public company on Monday, July 27, as its market capitalization climbed to nearly $5 trillion while Nvidia slipped to roughly $4.77 trillion. It is the first time Apple has topped Nvidia since April 2025.
Apple shares rose about 1% on the day and are up nearly 24% for 2026, even as critics have knocked the company for lagging rivals on AI strategy. Nvidia, by contrast, fell almost 5% on Monday and is down roughly 3% over the past week. The slide was fueled by a new Chinese AI model released earlier this month that unsettled investors, plus renewed concern over reports that Nvidia is discussing $250 billion in financing for OpenAI's data centers — reigniting fears of circular AI dealmaking. The semiconductor sector as a whole has struggled, with a key chip ETF down 14% over the past month and a memory-focused ETF down 29% in the same period.
Analysts framed the swap as a rotation away from crowded AI-momentum trades toward steadier, consumer-facing names like Apple. Three other "Magnificent Seven" members — Tesla, Microsoft and Meta — are also down year-to-date, underscoring how concentrated the market's AI enthusiasm had become before this pullback.