Overview
- Shares of Nvidia fell about 4–5 percent after reports, cited to The Wall Street Journal, that the company is negotiating roughly $250 billion in financing for an OpenAI data‑center project, which prompted a broad pullback in AI‑infrastructure stocks.
- The selloff reduced Nvidia’s market capitalization to roughly $4.7–4.8 trillion and let Apple retake the top spot, with Apple’s market value approaching and briefly exceeding $5 trillion in intraday trading.
- Investors have moved toward companies seen as keeping capital spending tight, and Apple has been rewarded for a measured AI approach, steady product demand and growing services revenue.
- Near‑term catalysts that could shape whether the shift holds include Apple’s upcoming quarterly results this week, the Sept. 1 planned CEO transition, and any confirmation or clarification of the reported Nvidia‑OpenAI financing terms.
- The move reverses a stretch of Nvidia dominance that began in mid‑2025 and highlights a market reassessment of who benefits from the big, capital‑intensive phase of AI infrastructure investment.