On Monday, Apple surpassed NVIDIA—whose market capitalization stood at approximately $4.77 trillion—with a valuation of $4.95 trillion to reclaim the title of the world’s most valuable company. Chip stocks in the U.S. market faced broad selling pressure, with NVIDIA falling nearly 5% and Apple rising more than 1%. NVIDIA is reportedly negotiating a $250 billion financing guarantee, roughly four times its current cash reserves, and its five-year credit default swap (CDS) rose by about 14 basis points intraday, peaking at roughly 82 basis points per annum—the largest intraday increase since the contract began actively trading last November. Manish Kabra, Head of U.S. Equity Strategy at Société Générale, stated: “For hyperscale computing firms, you should now watch CDS—not EPS.” Apple has consistently exercised restraint in AI-related capital expenditures, with capital spending declining for three consecutive quarters. Jay Woods, Chief Market Strategist at Freedom Capital Markets, noted: “Apple was previously criticized for insufficient AI investment, but it now appears to have successfully avoided the capital expenditure trap.”