Apple retakes top market cap as Nvidia drops 5%

Apple finished Monday as the world's most valuable company again, overtaking Nvidia at the close after the chipmaker's shares fell 5%. Apple's stock rose 1%, lifting its market value to about $4.95 trillion, while Nvidia ended at roughly $4.77 trillion. It was the first time Apple held the top spot since April 2025. The shift came as AI chip stocks broadly weakened on concerns about the cost of the AI buildout. Apple has gained 24% so far this year, compared with Nvidia's 4%, as investors have favored Apple's lighter approach to AI spending. Apple is due to report fiscal third-quarter results Thursday.