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Apple overtakes Nvidia as world's most valuable company with $4.94 trillion market cap
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Apple reclaimed the title of the world's most valuable public company from Nvidia on July 27, 2026, with a market capitalization of roughly $4.94 trillion compared to Nvidia's $4.83 trillion. Apple shares rose 1% and have climbed over 22% year-to-date, outperforming the Magnificent Seven group. The move is driven by investor confidence in Apple's restrained AI spending strategy, which has allowed it to avoid capital expenditure pitfalls. Yahoo Finance data shows Apple's capex has declined over the past three quarters, contrasting with Alphabet and Tesla, which have increased AI-related spending and seen their stocks fall. Apple is set to report earnings on Thursday, with investors watching for AI developments and the impact of CEO Tim Cook's upcoming transition to executive chairman on September 1, when John Ternus will take over as CEO.
Source report
By Ines Ferré · Senior Business Reporter Mon, July 27, 2026 at 8:03 AM PDT · 2 min read
What Happened
Apple (AAPL) reclaimed the title of the world's most valuable public company from Nvidia (NVDA) on Monday, as the iPhone maker's stock headed toward a record high close.
Shares rose 1%, giving Apple a market capitalization of roughly $4.94 trillion, per Yahoo Finance data. Nvidia's market cap stood at $4.83 trillion.
What's Behind the Move
Apple shares have climbed more than 22% year to date, outperforming the "Magnificent Seven" group. Investors increasingly view the company's restrained AI spending as a strength rather than a weakness.
"Once criticized for not spending more on AI, they have been able to avoid some of those capex pitfalls." — Jay Woods, Chief Market Strategist at Freedom Capital Markets
Apple has taken a notably measured approach to capital expenditures. According to Yahoo Finance's AlphaSpace data, the company's capex has declined over the past three quarters rather than increased.
This stands in contrast to:
- Alphabet (GOOG, GOOGL) — raised its capital spending outlook last week to support AI infrastructure buildout
- Tesla (TSLA) — increased spending to fund its robotaxi and robotics ambitions
Shares of both companies fell following their earnings reports. Alphabet stock is up about 3% year-to-date, while Tesla stock has tumbled roughly 30% over the same period.
Investors are now awaiting earnings from Microsoft (MSFT), Amazon (AMZN), and Meta (META) this week, all of which are expected to announce further increases in AI-related spending.
What Else You Need to Know
Apple will report earnings on Thursday after the closing bell. Investors will focus on the company's AI developments, looking for signs that it can scale its "Apple Intelligence" features on its devices without a bump in capital expenditures or an impact on operating margins.
Thursday will also mark the final earnings call for Tim Cook as CEO, before he steps down on Sept. 1 to become executive chairman. He will officially pass the reins to John Ternus, a hardware engineering veteran at Apple.
Ines Ferré is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
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Yahoo FinanceWestern
Part of this Story
Apple surpasses Nvidia as world's most valuable company on July 17, 2026