Nvidia falls on OpenAI backstop talks as Apple regains top market value
2026-07-28 06:19:44
According to CNBC, Nvidia fell more than 5% after the group was confirmed to be in talks with OpenAI on a $250 billion backstop for AI infrastructure plans. The drop cut Nvidia's market value to just below $4.8 trillion, allowing Apple to reclaim the title of the world's most valuable company at $4.95 trillion. In Asia, Samsung and SK Hynix led a 10% decline in South Korea's Kospi, which has now fallen about 45% from its June highs, while circuit breakers were triggered again and the Nikkei also dropped sharply. French luxury group LVMH reported 3% second-quarter sales growth, helped by strong U.S. demand, even as sales and spending slowed in Europe and China. Oil prices extended losses as the pause in fighting and continued U.S.-Iran negotiations boosted hopes for further de-escalation.
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