Apple Reclaims No. 1 Market Cap, Surpassing Nvidia Amid AI Semiconductor Slump

Returning After 15 Months
Concerns Over Overheated AI Stock Rally Persist

As the selling trend in artificial intelligence (AI) semiconductor stocks continues, Apple has reclaimed the top spot in global market capitalization from Nvidia.

On this day at the New York Stock Exchange, Nvidia plunged 3.7% at the start of trading compared to the previous session, reducing its market cap to 4.8 trillion dollars. In contrast, Apple rose 0.4%, increasing its market cap to 4.9 trillion dollars and surpassing Nvidia.

This is the first time Apple has regained the top position in global market capitalization during intraday trading since it lost the number-one spot to Nvidia in April of last year, one year and three months ago.

Nvidia, positioned at the center of the AI technology ecosystem, benefited from the AI boom and saw its stock price surge, becoming the first company in history to surpass a 5 trillion dollar market capitalization.

However, concerns about whether the rally in AI-related stocks has become excessive, combined with investors reassessing the sustainability of the AI investment boom, have led to continued selling of AI semiconductor stocks, including Nvidia, in recent days.

Nvidia’s stock has dropped by 12% from its mid-May peak through the previous day.

Meanwhile, Apple, which had previously been viewed as lagging in the AI race, is now being positively reassessed by investors for not incurring massive spending on AI model development and data center construction.

Hyperscale companies—such as Google, Microsoft, Amazon, and Meta—are currently burdened by enormous capital expenditures on their financial structures every year due to their large-scale data center operations.

This content was produced with the assistance of AI translation services.