Apple overtakes Nvidia as most valuable company as iPhone maker avoids 'capex pitfalls'

What happened: Apple (AAPL) reclaimed the rubric of the world's astir invaluable nationalist institution from Nvidia (NVDA) arsenic the iPhone maker's banal headed toward a record-high adjacent connected Monday.

Shares roseate implicit 1%, giving Apple a marketplace capitalization of astir $4.94 trillion, per Yahoo Finance data. Nvidia's marketplace headdress stood astatine $4.83 trillion.

What's down the move: Apple shares person climbed much than 22% twelvemonth to date, outperforming the "Magnificent Seven" group, arsenic investors progressively presumption the company's restrained AI spending arsenic a spot alternatively than a weakness.

"Once criticized for not spending much connected AI, they person been capable to debar immoderate of those capex pitfalls," said Jay Woods, main marketplace strategist astatine Freedom Capital Markets.

Apple has taken a notably measured attack to superior expenditures. Yahoo Finance's AlphaSpace information shows the company's capex has declined implicit the past 3 quarters alternatively than increased.

That stands successful opposition to Alphabet (GOOG, GOOGL), which past week raised its superior spending outlook to enactment its AI infrastructure build-out, and EV shaper Tesla (TSLA), which accrued spending to money its robotaxi and robotics ambitions.

Shares of some companies fell pursuing their net reports. Alphabet banal is up astir 3% twelvemonth to date, portion Tesla banal has tumbled astir 30% implicit the aforesaid period.

Investors are present awaiting net this week from Microsoft (MSFT), Amazon (AMZN), and Meta (META), each of which are expected to denote further increases successful AI-related spending.

What other you request to know: Apple volition study net connected Thursday aft the closing bell. Investors volition support an oculus connected the company's AI developments, looking for signs that it tin standard its "Apple Intelligence" features connected its devices without a bump successful superior expenditures oregon an interaction connected operating margins.

Thursday volition people the last net telephone for Tim Cook arsenic CEO earlier helium steps down connected Sept. 1 to go enforcement chairman, officially passing the reins to John Ternus, a hardware engineering seasoned astatine Apple.

Ines Ferre is simply a elder concern newsman for Yahoo Finance. Follow her connected X astatine @ines_ferre.

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