Apple again became the most expensive company in the world: the capitalization reached $4.9 trillion

Why Apple beat Nvidia

The change of leader took place primarily due to the redistribution of capital among investors. In recent months, the market has become increasingly wary of companies that actively invest in the development of artificial intelligence. After the rapid growth of shares of chip manufacturers and AI companies, some investors began to lock in profits and transfer funds to more stable technology companies.

Against this background, Nvidia shares lost 3.7% for the day, while Apple's shares, on the contrary, added another 0.4%. As a result, it was Apple that was able to return to the top of the rating by market capitalization.

The decision of the Chinese authorities to allow the deployment of the Apple Intelligence service in the country also had a positive impact on investor sentiment. The market saw this as an opportunity for the company to strengthen its position in one of the world's largest markets.

Apple shares continue to rise in price

Since the beginning of 2026, Apple shares have increased by approximately 23%, making the company one of the leaders among the largest American technology corporations. If compared with the minimum recorded in June, the value of securities has already increased by more than 20%.

Such growth is significantly ahead of the dynamics of the broader market. Over the same period, the Nasdaq 100 added about 12%, and the S&P 500 added 8.6%.

Additional support for quotations was provided by a positive assessment from the bank HSBC, which raised the recommendation on Apple shares from "hold" to "buy". Analysts believe that the company has good prospects even in the conditions of slowing hype around artificial intelligence.

Why did the value of Nvidia fall?

The pressure on the shares of Nvidia increased the reports about the success of the Chinese startup Moonshot, which presented a new model of artificial intelligence. There have been speculations in the market that competition among AI developers may increase, and the pace of investment in expensive equipment for training models will gradually slow down.

Investors are also increasingly questioning whether the chipmaker's stock is overvalued after several years of soaring growth. It is these sentiments that have become one of the factors behind Nvidia's price correction.

What does this mean

Apple's return to the top spot shows a shift in the priorities of investors in the technology sector. If in recent years the main capital has been directed to companies related to artificial intelligence, now the market is increasingly paying attention to businesses with stable financial indicators and a wide ecosystem of products.

For investors, this may indicate the beginning of a new stage in the stock market, when the valuation of companies will increasingly depend not only on the prospects for the development of AI, but also on the ability to steadily increase profits, maintain strong positions in global markets and launch new commercially successful products.