Nvidia retakes crown as world’s most valuable company after Apple slides on outlook

Nvidia retook the top spot in global market capitalization on July 31, just four days after Apple had overtaken it, as investors rewarded AI-linked technology shares while punishing Apple for weaker forward guidance. Nvidia rose 2.93% to close at $200.75, giving it a market capitalization of $4.86 trillion, while Apple fell 7.35% to $308.91, reducing its value to $4.54 trillion. Apple’s drop followed an earnings report and outlook that warned revenue growth would be limited in the July-September fiscal quarter because of supply chain constraints and rising memory prices. Concerns also spread that higher iPhone prices tied to memory costs could weigh on demand. The broader U.S. market advanced, helped by strong results from Amazon and Microsoft that reassured investors about returns on artificial intelligence spending. Amazon said quarterly revenue topped $200 billion for the first time, driven by cloud growth, sending its shares up 15.32%. Microsoft said quarterly revenue in its cloud segment rose 43% from a year earlier, and its stock added 3.02% after a 15% jump the previous day. The Nasdaq closed up 1.00%, the S&P 500 gained 0.70%, and the Dow rose 0.53%. The moves underscored how quickly leadership among the largest U.S. companies can change as markets reassess AI-related earnings momentum and near-term business risks. AI-linked shares and memory semiconductor stocks had corrected over the past month amid doubts about whether hyperscalers’ heavy infrastructure spending would generate sufficient returns, but sentiment improved after Amazon and Microsoft’s cloud results.