Apple Tops Nvidia as Market-Cap Leader Amid Cautious AI Spending

TL;DR Summary
Apple overtook Nvidia to become the world’s most valuable company as investors reward Apple’s restrained AI spending and approaching record-high stock. The shift comes as Apple’s capex trends lower while Nvidia pursues AI infrastructure investments; the move sets the stage for Apple’s upcoming earnings report and Tim Cook’s planned transition, with markets watching how Apple Intelligence may scale without widening margins.
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