Apple Is the World's Most Valuable Company Again Apple reclaimed the title of the world's most valuable public company on Monday, closing at a record high - the first time it's held the top spot since April 2025, ending Nvidia's run that began in June 2025 when it passed Microsoft. Here's the current top 10 by market cap: • @Apple - $4.99T • @nvidia - $4.77T • #Alphabet - $4.07T • @Microsoft - $2.92T • @amazon - $2.48T • #TSMC - $2.03T • @Broadcom - $1.81T • @saudi_aramco - $1.68T • @SpaceX - $1.53T • @Meta - $1.51T The reason for the flip is the best part. Apple is up 22%+ this year because investors now read its restrained AI spending as a strength, not a weakness. Its capex has actually declined over the past three quarters, while Nvidia has added just 9%. Put that next to the $1.65T of hidden off-balance-sheet AI obligations Nikkei found last week across Meta, Oracle, Amazon, Microsoft and Alphabet - Apple isn't on that list at all, and Meta, carrying the heaviest load at ~$420B, sits last here. The market is starting to price restraint.