Apple largest company again as stock tops Nvidia
Apple closed at a record high Monday, lifting its market value above Nvidia as AI-spending worries hit chip stocks.
By Sal Moretti · Money Reporter
3 min read
Apple is the largest company in the world again by market value after its shares climbed to a record close Monday and Nvidia’s stock took a sharp slide, according to MarketWatch.
Apple shares rose about 1% to finish at $336.91, giving the iPhone maker a market capitalization of $4.93 trillion, MarketWatch reported. Nvidia, which had held the top spot for more than a year after passing Apple in May 2025, fell 5% Monday and ended with a market value of $4.78 trillion.
The switch at the top came during a bruising session for chip names and a standout month for Apple. Dow Jones Market Data said Apple was beating the Nasdaq-100 by 23 percentage points so far in July, putting the stock on track for its strongest monthly outperformance versus that index since 2005.
Why did Apple pass Nvidia in market value?
Market capitalization is a company’s share price multiplied by its shares outstanding, so the ranking can change quickly when stocks move. Apple passed Nvidia because Apple hit a new high while Nvidia sold off, widening the gap between the two giants’ total market values.
Apple has gained 16% since the start of July, MarketWatch reported, putting it on pace for its best monthly showing in four years. For 2026 to date, Apple is up 24%, while Nvidia has risen 5%.
Nvidia’s valuation has come under pressure as investors question the cost of the artificial-intelligence buildout, MarketWatch reported. The chipmaker’s shares now trade at 18.2 times forward earnings, down from 25.5 times at the start of the year.
Those questions sharpened after The Wall Street Journal reported that Nvidia was in talks to provide a $250 billion financial backstop for OpenAI tied to a data-center project in Ohio. Jefferies analyst Jeffrey Favuzza wrote Monday that investors were treating the potential arrangement as one of the clearest examples of circular financing.
AI spending is still climbing. MarketWatch noted that Alphabet raised its 2026 capital-spending forecast last week, and that many investors expect other hyperscale technology companies to make similar moves.
What else hit chip stocks Monday?
Semiconductor shares also sagged after Chinese memory-chip company ChangXin Memory Technologies made its public-market debut, MarketWatch reported. Investors worried that a stronger Chinese memory supplier could pressure pricing power at Micron, Samsung and SK Hynix.
Apple has reportedly been looking to buy DRAM from ChangXin Memory Technologies for use in its devices as it deals with global memory supply bottlenecks, according to MarketWatch. The company has also raised prices on some products because of the memory crunch.
Bernstein analyst Stacy Rasgon wrote in a Monday note that Apple’s iPhone sales have stayed strong. Rasgon said Apple’s global smartphone market share rose to 20% from 17% a year earlier.
Apple’s run also stands out because the company has not joined the heaviest AI spending push seen across much of Big Tech. MarketWatch reported that Apple had faced early criticism for what was viewed as a limited AI strategy, but its restraint has helped in the current market mood.
Dow Jones Market Data said the other Magnificent Seven stocks are each at least 15% below their own record highs. Apple, for now, is back on top.
This story draws on original reporting from MarketWatch.