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Apple’s market value surpasses Nvidia, returning to the top of the global list of publicly listed companies

On July 28, as of the close of U.S. stocks on Monday local time, Apple ($AAPL.US ) successfully overtook Nvidia and became the company with the highest market capitalization in the world—marking the first time Apple has returned to this position since April 2025.

Market data shows that on the day, Apple’s share price rose 1%, and its total market capitalization reached $4.95 trillion. The market is also closely watching the company’s upcoming earnings report to be released after the market closes on Thursday.

Meanwhile, Nvidia’s ($NVDA.US ) share price plunged by nearly 5%, and its market capitalization fell back to $4.77 trillion. In addition, concerns among investors about the risks of massive investment in AI infrastructure have dragged down the AI chip sector at the same time.

Nvidia has maintained its leading position since it took the top spot in global market value from Microsoft in June 2025, and it reached a $5 trillion market capitalization milestone in October of last year.

However, the year-to-date performance of these two stocks has shown a clear divergence. From the beginning of 2026 to date, Nvidia’s share price has risen by only 4%, while Apple’s cumulative gains have reached 24%.

Market analysis suggests that Apple has attracted investor favor largely because its AI investment strategy is relatively conservative: it prioritizes leasing computing power and avoids building large-scale infrastructure. Its steady capital expenditure plan has won investor approval.

Currently, the market is closely focused on the latest earnings report data that Apple will release after market close this Thursday. Its performance could further affect the market-cap ranking between the two stocks.

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