英伟达股价近日下跌近5%，市值降至4.77万亿美元，而苹果股价上涨超1%，以4.95万亿美元的市值重夺全球第一，这是苹果自2025年4月以来首次回到榜首位置1。市场对英伟达的担忧主要聚焦于其融资担保风险——英伟达计划为OpenAI提供约2500亿美元融资担保，相当于其626亿美元现金储备的4倍1。这种融资结构在市场上引发了对"循环融资"风险的担忧，英伟达五年期CDS盘中一度上涨约14个基点，升至每年约82个基点，创该合约自去年11月活跃交易以来的最大盘中涨幅1。
相比之下，苹果因采取轻资产的AI发展路径获得市场重估1。过去三个季度，苹果资本支出持续下降，倾向于租赁算力而非自建基础设施1。从年内表现看，苹果股价涨幅达24%，而英伟达2026年至今仅上涨4%1。与此形成对比的是，谷歌母公司Alphabet二季度资本支出翻倍至449亿美元，导致自由现金流跌至负59亿美元，这是Alphabet上市二十多年来的首次1。此外，甲骨文的融资成本也在上升，其五年期CDS从年初的144个基点上升至周一的215个基点，标普更是将其长期信用评级从BBB下调至BBB-1。
Nvidia's stock declined nearly 5 percent, bringing its market capitalization down to $4.77 trillion, while Apple surged over 1 percent to reclaim the world's largest market valuation at $4.95 trillion 1. This marks Apple's first return to the top position since April 2025 1.
The selloff of Nvidia reflects growing market anxiety about the artificial intelligence giant's financial exposure. Nvidia's five-year credit default swap spread surged during intraday trading, climbing approximately 14 basis points to around 82 basis points—marking the largest single-day move since the contract became actively traded in November of last year 1. Market concerns center on Nvidia's plan to provide approximately $250 billion in financing guarantees to OpenAI, a commitment equivalent to four times its cash reserves of $62.6 billion 1. Despite robust financial fundamentals—including 2026 fiscal year revenue of $215.9 billion, net profit of $120 billion, and free cash flow of $96.7 billion—investor sentiment has shifted toward caution 1.
The divergent trajectories of the two tech giants reflect contrasting capital strategies. Year-to-date, Nvidia's stock has gained only 4 percent, while Apple has climbed 24 percent 1. Apple's outperformance stems from its adoption of a capital-light approach to artificial intelligence, prioritizing equipment rentals over building its own infrastructure, and demonstrating disciplined capital expenditure cuts over the past three quarters 1. Meanwhile, other technology companies pursuing aggressive infrastructure buildouts have faced investor skepticism; Alphabet's second-quarter capital spending doubled to $44.9 billion, dragging its free cash flow into negative territory at negative $5.9 billion—a first for the company in over two decades since its public listing 1.
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