Tech giant Apple regained its crown as the world’s most valuable company on Monday, edging past chipmaker Nvidia.

Apple’s market value climbed to about $4.94 trillion, topping Nvidia’s roughly $4.83 trillion.

Investors have increasingly viewed Apple’s restrained capital spending as a strength, especially compared with rivals committing tens of billions of dollars to new artificial intelligence (AI) infrastructure.

While companies such as Alphabet and Tesla have stepped up spending to support AI data centres, robotaxis and robotics, Apple has cut capital expenditures over the past three quarters even as it continues to expand its Apple Intelligence platform.