Apple has overtaken Nvidia as the world’s most valuable company after a sharp sell-off in AI chip stocks erased Nvidia’s lead.
Nvidia shares fell nearly 5% on Monday, cutting the company’s market value to around $4.77 trillion, while Apple gained about 1%, pushing its valuation to nearly $5 trillion.
The decline extended a volatile period for Nvidia and the broader semiconductor sector. Investors have grown increasingly cautious about AI-related spending, with recent concerns fueled by a new AI model from a Chinese startup and reports that Nvidia is discussing $250 billion in financing for OpenAI’s data center expansion.
Despite receiving less attention than its AI-focused rivals, Apple has quietly become the best-performing member of the Magnificent Seven this year, with its stock up nearly 24% in 2026.
The shift also reflects a broader rotation away from AI hardware stocks. Over the past month, the iShares Semiconductor ETF has fallen 14%, while the Roundhill Memory ETF has dropped 29%, as investors move toward less crowded, consumer-focused companies like Apple.