Nvidia Relinquishes Largest U.S. Company Title to Apple as AI Chip Stocks Slide

Nvidia has surrendered its position as the biggest American company by market capitalization back to Apple after its stock price fell sharply.

The decline unfolded amid widespread weakness across AI chip stocks, reports the Wall Street Journal.

Every stock in the PHLX Semiconductor Index finished below its 50-day moving average for the first time since April 2025.

The index itself closed down 2.2 percent.

A Wall Street Journal story about Nvidia potentially offering a roughly $250 billion guarantee for a large OpenAI data center project fueled investor worries over the company’s heavy commitments to its own customers.

Chinese memory chip maker CXMT made a strong market debut while Apple pushed the Trump administration to permit Chinese chips in certain products.

Analysts noted that any sign of reduced capital spending hurts chip makers and that competition from Chinese firms has shifted from a minor issue to a major concern.

The Nasdaq composite slipped 0.2 percent.

The S&P 500 edged up less than 0.1 percent and the Dow industrials gained 0.5 percent.

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