Apple retakes No.1 market cap spot ahead of Nvidia

Apple reclaimed the title of the world’s most valuable company at Tuesday’s close, with a market capitalization of about $4.995 trillion versus Nvidia’s roughly $4.768 trillion, a gap of about $227 billion. Polymarket, a prediction market, priced Apple’s chance of finishing July as the largest company at about 79% and showed roughly $4.7 million in total trading volume for the contract. Three U.S. trading sessions remain before the contract settles at the close on July 31.

On Polymarket, Apple’s probability of ending July in first place rose by more than 50 percentage points in about a day, while Nvidia’s probability moved to about 22%. The platform resolves based on which company reports the higher market capitalization at the market close on July 31.

Apple is scheduled to report fiscal third-quarter results on July 30 at 5 p.m. Eastern time, creating a final scheduled event that could move its share price before the contract resolves. Traders and investors are watching that release as a potential catalyst.

Nvidia’s data-center revenue totaled $62.3 billion in its most recent quarter, a 75% increase year over year, reflecting strong demand for chips and servers used in artificial intelligence systems. At the same time, investor attention has focused on AI-related capital expenditure, the spending on long-lived assets such as chips, servers and data centers that support large AI models.

Reports that Nvidia might be connected to a roughly $250 billion financial backstop for an OpenAI-related data-center project prompted investor questions about financing for large AI builds, and those reports put downward pressure on Nvidia shares even as its data-center business remains large.

Apple unveiled an overhauled Siri in early June with more conversational features and greater use of personal context, combining on-device processing with selected external models. Market participants have cited that update as one factor in recent trading.

The July 31 market close will determine which company ends the month with the higher market capitalization and whether Apple maintains the lead or Nvidia reclaims the top position.