Apple once again became the world’s most valuable public company, surpassing Nvidia by market capitalization for the first time since April 2025. Against this backdrop, even Nvidia, which remains the main supplier of AI accelerators, has faced increased pressure from investors. Apple, by contrast, has emerged as one of the biggest beneficiaries of this shift in market sentiment. Thus, Apple’s return to the top of the market-cap rankings looks less like a consequence of its own successes than a reflection of changing stock market sentiment. Investors still believe in the long-term prospects of AI, but they are increasingly wondering how quickly the hundreds of billions of dollars being invested in new AI infrastructure will generate acceptable returns.