Apple Just Toppled Nvidia as World’s Most Valuable Stock. Here’s Why the Gap Will Widen

The article says Apple has overtaken Nvidia as the world’s most valuable public company, with a market cap of about $4.9 trillion versus Nvidia’s $4.8 trillion. The move reflects a shift in the AI trade: investors are rotating away from capital-intensive AI infrastructure winners and toward companies with stronger cash generation and lower spending needs. Apple’s relatively modest $12.7 billion in fiscal 2025 capex and $98.8 billion in free cash flow support its appeal, while Nvidia has stalled roughly 15% below its all-time high after a huge multi-year run. The piece argues Apple’s restrained AI spending, ecosystem strength, and potential iPhone upgrade cycle may help it keep the lead, even as Nvidia remains central to AI infrastructure demand.