Nvidia shares fell on Monday, costing the chipmaker its position as the world’s most valuable company, trading positions with Apple.

Monday’s nearly 5% drop in Nvidia shares extends a volatile streak for the company and chipmakers generally. The stock is down about 3% in a week, and its recent troubles have caused it to lag year-to-date gains in the S&P 500. The benchmark is up 8% this year compared to Nvidia’s 5%.

The most recent chip sale was sparked earlier this month by a new artificial intelligence model from a Chinese startup that investors feared as a possible new “DeepSeek moment.”

Monday’s drop followed a report that Nvidia is in talks to provide $250 billion in financing for OpenAI data centers, reviving fears of circular deals and huge capital expenditures, which investors have become increasingly wary of.

Nvidia and Apple traded positions in Monday’s session as Nvidia shares fell to a market capitalization of approximately $4.77 trillion. Meanwhile, Apple shares rose 1%, reaching a market capitalization of nearly $5 trillion.

The Magnificent Seven have struggled in 2026, but Apple has quietly moved ahead of the rest. Shares of the iPhone maker are up nearly 24% in 2026. Three of the Mag 7 stocks (Tesla, Microsoft and Meta) are down so far this year.

But more important than a gain in Apple stock has been the global decline in AI hardware that has shaken the market in recent weeks. Nvidia has lost some ground in the fight for the world’s most valuable company due to jitters over AI trading and a rotation away from momentum stocks that has hit shares of popular stocks such as memory makers and other chip companies.

The iShares Semiconductor ETF is down 14% in the last month. The Roundhill Memory ETF, which was the most popular thematic fund launched since COVID, has plunged 29% in a month.

Apple’s recent rise is also notable, as the company has come under fire from investors and analysts in recent years due to a relative lack of AI-focused growth strategies. Now, as the winds change, it may be benefiting from investors’ rotation toward less crowded, consumer-oriented operations.