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#AppleTopsNvidia #AppleTopsNvidia Apple reclaimed the title of world's most valuable company July 27-28, hitting $4.94-5.0 trillion — surpassing Nvidia ($4.75-4.83T) for the first time since April 2025, briefly crossing $5T on July 28, only the second company ever to do so after Nvidia. Apple's up ~22-25% YTD, the best Magnificent Seven performer, while Nvidia's added just 2.6-7%. The narrative shift: markets now reward Apple's restrained AI spending ($12.7B FY2025 capex vs. Alphabet's $195-205B and Microsoft's far larger outlay) as smart discipline rather than a competitive weakness — "once criticized for not spending more on AI, they've been able to avoid some of those capex pitfalls," per one strategist. This directly reflects the broader rotation away from AI infrastructure names amid capex-sustainability doubts (semis bear market, KOSPI crash, SK Hynix's earnings-miss selloff despite record profit). The swap has flip-flopped several times in July as Nvidia dipped on chip-sector jitters — a genuine real-time contest for the top spot rather than a clean handoff.