Amid the AI wave, Apple has adopted a defensive strategy, leveraging its asset-light approach and expectations of an AI-driven recovery to briefly reclaim the title of the world's most valuable company.

On Friday, NVIDIA's stock price fell by about 2%, impacted by the release of Kimi K3, a new model from Moonshot AI, a Chinese AI developer, leading to a broad decline in tech stocks. Apple's shares remained nearly flat, with its market capitalization briefly surpassing NVIDIA's to regain the position of the world's most valuable company for the first time in over a year. By the close, NVIDIA held a slight lead with a market cap of $4.908 trillion compared to Apple's $4.902 trillion, a marginal difference.

This reversal reflects a deeper shift in market sentiment—investors are beginning to reassess the relative value of "heavy investment" versus "asset-light" paths in the AI sector, with Apple increasingly viewed by some investors as a safe haven in AI trades.

NVIDIA Under Pressure, Apple "Wins by Doing Less" with Capital-Efficient AI Logic

The direct trigger for this shift in market leadership was the release of the new Kimi K3 model, which reignited market skepticism regarding the sky-high infrastructure investments in Silicon Valley's AI sector. As the core supplier of AI computing power, NVIDIA bore the brunt, with its stock dropping about 2% in a single day.

Meanwhile, Apple did not follow the broader tech sector downward, allowing its market capitalization to approach the $5 trillion mark. NVIDIA had previously been the first company to break through the $5 trillion threshold last October, becoming the first in history to reach this milestone. If Apple can hold above this level, it will become the second company in history to do so.

Apple's unique position in the AI race lies in its deliberately low capital expenditure strategy. According to calculations by HSBC analysts, Apple's capital expenditures for AI data centers and other infrastructure are projected to account for only about 2.5% of its forecasted sales in 2026. In contrast, this ratio reaches as high as 39% for "hyperscale cloud providers" such as Meta, Google, Amazon, and Microsoft.

This contrast makes Apple appear particularly "stable" in the current market environment. While competitors commit hundreds of billions of dollars to building chips and data centers, Apple's restraint has become a magnet for capital.

Multiple Catalysts Drive Stock Rebound

Apple's stock has risen by approximately 20% since the end of June, driven by a series of positive developments.

The redesigned Siri voice assistant officially debuted last month, receiving generally positive feedback from the market. Signals from Chinese regulators that Apple's new AI system may soon launch in the world's largest smartphone market have further boosted investor confidence.

At the same time, Apple is negotiating with the Trump administration for approval to purchase memory chips from Changxin Memory Technologies (CXMT). If successful, this move would help alleviate the pressure of rising component costs.

Apple has also launched a legal challenge against OpenAI, alleging that former employees who joined the ChatGPT parent company misappropriated trade secrets. This move has also been interpreted positively by Wall Street.

Wall Street Upgrades Ratings, Bullish on AI Product Cycle

On Friday, HSBC analysts upgraded Apple's rating to Buy, making it one of the few major banks on Wall Street that had not previously issued a buy rating. In its research report, HSBC stated that Apple is "well-positioned to leverage its massive installed base of 2.5 billion devices with the upcoming upgraded Apple Intelligence."

HSBC also noted that "this AI boost comes at an opportune time, and we believe Apple currently has one of the most innovative product pipelines in its history," predicting that the first foldable iPhone will be released in September.

However, Apple has not been without its setbacks. Last month, Apple announced price increases of up to 20% for iPad and Mac products, warning of an "unusual surge in demand for memory and storage." Following the news, the stock suffered its largest single-day drop since the tariff shock imposed by Trump last year. However, as the aforementioned positive factors emerged, the stock price stabilized and rebounded.