On July 28, local time Monday, Apple (AAPL.O) surpassed Nvidia (NVDA.O) to become the world's most valuable company by market capitalization, for the first time since April 2025. Nvidia's stock fell nearly 5% on Monday, bringing its market value down to $4.77 trillion, as investors expressed concerns over the hefty costs associated with AI infrastructure, leading to a decline in the AI chip sector overall. Meanwhile, Apple's stock rose by 1%, increasing its market value to $4.95 trillion. The company is set to release its highly anticipated earnings report after the market closes on Thursday. Nvidia has held the title of the world's most valuable company since it took it from Microsoft in June 2025, briefly reaching a market value of $5 trillion last October. Year-to-date in 2026, Nvidia's stock has only risen by 4%, while Apple's has increased by 24%. Apple's performance has outpaced the market due to its cautious approach to AI capital expenditures, favoring leasing computing power over building infrastructure, a strategy that has been well-received by investors.