Apple set to lose $500 billion in value: Can Nvidia reclaim the world’s most valuable company crown?

Apple shares plunged nearly 10% after its quarterly revenue growth forecast of 9% to 11% fell short of Wall Street estimates of around 12%, potentially wiping out about $500 billion in market value. The shortfall was driven by significant component shortages as AI data center demand strains global supply chains for chips and memory. The drop puts Nvidia on track to reclaim the title of world's most valuable company, while Apple reported strong June-quarter iPhone revenue of $54.3 billion (up 22%) and Mac revenue of $10.4 billion (up 29%), with iPad missing expectations at $6.19 billion versus $6.89 billion estimated.