$AAPL has surpassed $NVDA today to reclaim its spot as the world's most valuable company. Market cap jumped to $4.932 trillion, with the stock adding over 0.8% and trading around $336.

Nvidia, meanwhile, is down over 4%, with its value slipping to $4.795 trillion. The gap between number one and number two is now just a few tens of billions, so the battle for the throne is far from over.

I'm watching this as an illustration of how quickly capital rotates between giants these days. Not long ago, the market was driven purely by AI and Nvidia, but now investors are returning to companies with more diversified businesses and steadier margins. Apple benefits from not being reliant on a single hype theme.

For your portfolio, it's a reminder — concentration on one narrative (no matter how attractive) can hurt when sentiment shifts.

Who do you think will hold the top spot by year-end — Apple, or will Nvidia climb back to the top?