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The race for the world's most valuable company has pulled tight between Apple (AAPL) and Nvidia (NVDA), with Nvidia shares underperforming in 2026 as Wall Street moves capital toward companies positioned on the infrastructure side of the AI buildout.
The ranking between the two is close enough that the title is a live question on the tape.
The infrastructure rotation What Wall Street is pricing is a preference for the infrastructure layer of the AI economy over the companies sitting above it in the supply chain.
Capital that had been concentrated in Nvidia's setup is moving toward names building or operating the infrastructure that AI workloads require to run. The rotation is visible in Nvidia's year-to-date underperformance.
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