Apple passes Nvidia at $5.03 trillion as chip stocks slide

The change at the top of the market-value table came on a day when chip stocks led a broad sell-off, with Nvidia falling 4.2% and the chips index losing 7.2%, according to Reuters. Bloomberg reported the shift under the headline that Apple had overtaken Nvidia to become the world's most valuable company. AppleInsider wrote that the top spot has been going back and forth between Apple and Nvidia for some time, as iPhone and Services demand go up against AI chip consumption, and noted that the ranking may even flip back quite quickly. AppleInsider also reported that Apple's valuation first closed above $4 trillion in October 2025 and passed $5 trillion by July 2026. On the same day, Reuters and The Associated Press reported moves in other chip names and the major indexes, while the cost of insuring Intel's debt reached a record, according to Bloomberg.