In a major market milestone reported by 9to5Mac, Apple reclaims most valuable company title status from Nvidia, pushing its market capitalization toward $4.94 trillion as its stock outpaces every rival within the “Magnificent Seven” cohort. The Capex TreadmillAt the core of Apple’s market rally is a fundamental divergence in corporate capital allocation. While cloud giants like Alphabet, Meta, Microsoft, and Amazon face pressure over escalating data center commitments, Apple’s capital expenditures have actually declined over recent quarters. Rather than building proprietary mega-clusters from scratch, Apple has integrated its “Apple Intelligence” architecture across on-device silicon while partnering with third-party cloud providers for heavy server-side processing. “Once criticized for not spending more on AI, Apple has been able to avoid some of those capex pitfalls,” noted Jay Woods, chief market strategist at Freedom Capital Markets.