What caused Apple to reclaim the title of the world's most valuable publicly traded company from Nvidia on Monday, July 27, 2026, amid a deepening global semiconductor selloff triggered by the blockbuster IPO of Chinese memory chipmaker CXMT Corp., and what are the key upcoming e

Why the semiconductor selloff hit so hard

• CXMT's IPO was the catalyst. Chinese memory chipmaker ChangXin Memory Technologies (CXMT) debuted on Shanghai's STAR Market on July 27, raising $8.6 billion in Asia's largest IPO of the year . Its shares surged 466% on day one, briefly making it the most valuable mainland-listed company .
• Competition fears. The market priced in a "full-scale Chinese memory invasion," sparking fears that CXMT's flood of new capacity would pressure margins for Nvidia's memory suppliers and the broader chip ecosystem . HSBC warned the deal could temporarily drain market liquidity .
• Broader AI skepticism. Investors are increasingly questioning whether the AI infrastructure buildout can deliver the returns markets have priced in, a concern that has weighed on Nvidia for weeks . The selloff was compounded by a cash-drain effect as investors raised funds to participate in CXMT's offering .

Key upcoming events investors are watching

• Apple fiscal Q3 2026 earnings — July 30 (after market close). This will be Tim Cook's final earnings call as CEO . Wall Street consensus expects revenue near $108.9 billion and diluted EPS around $1.89, with Apple having guided to 14%–17% year-over-year revenue growth . BofA has a Buy rating with a $380 price target and expects Apple to beat consensus . Apple also warned that memory costs would climb sharply .
• Federal Reserve FOMC decision — July 29 (2:00 PM ET). The FOMC meets July 28–29 and is widely expected to hold the federal funds rate steady at 3.5%–3.75%, where it has been since the beginning of 2026 . No Summary of Economic Projections (dot plot) is scheduled for this meeting . Chair Powell's press conference follows at 2:30 PM ET.
• Other Big Tech earnings. While specific dates for Microsoft, Amazon, Google (Alphabet), and Meta were not captured in this search, these companies typically report within the same late-July window. Investors will be watching them closely for signals on AI spending, cloud revenue, and advertising trends, which will set the tone for the broader market alongside Apple's report and the Fed decision.