Apple has overtaken Nvidia to reclaim its position as the world’s most valuable publicly listed company, with a market capitalisation of roughly $4.94 trillion against Nvidia’s $4.83 trillion.
The gap is narrow, but the shift reflects a change in how investors are reading the AI spending cycle. Apple’s relatively modest capital expenditure is increasingly seen as a strength rather than a sign of caution, particularly as rivals commit tens of billions of dollars to new AI infrastructure.
Companies including Alphabet and Tesla have been scaling up spending to support AI data centres, autonomous taxis and robotics. Apple, by contrast, has cut capital expenditure across each of the past three quarters, even as it continues expanding its Apple Intelligence AI platform.
