Apple has overtaken Nvidia to become the world’s most valuable company, with a market cap hovering around $5 trillion. Nvidia’s shares slipped nearly 4 % after a broader tech sell‑off, triggered by concerns over the high cost of AI infrastructure.

Investors view Apple as a safer bet; the company has not pledged billions for chips or data‑centre expansion like its hyperscaler rivals. Its stock has rallied about 20 % since late June, buoyed by hopes of an AI resurgence and a revamped Siri. Apple also announced a 20 % hike in iPad and Mac prices to cope qualifiers with rising memory costs.

Apple is currently involved in a legal dispute with Open AI over alleged trade‑secret theft, and is negotiating with the US government to import memory chips from a black‑listed Chinese supplier. HSBC upgraded Apple, citing its 2.5 bn installed device base and a forthcoming Apple Intelligence pipeline.

With only 2.5 % of forecast 2026 sales earmarked for capital expenditure, Apple’s cautious approach contrasts sharply with the 39 % spend of the biggest hyperscalers.