Apple overtakes Nvidia as world's most valuable company

Investors have increasingly viewed Apple's restrained capital spending as a strength, especially compared with rivals committing tens of billions of dollars to new artificial intelligence (AI) infrastructure. 

While companies such as Alphabet and Tesla have stepped up spending to support AI data centres, robotaxis and robotics, Apple has cut capital expenditures over the past three quarters even as it continues to expand its Apple Intelligence platform. 

Investors will be watching Apple's earnings on Thursday for clues about its AI roadmap, including whether it can scale Apple Intelligence without a big jump in capital spending or pressure on operating margins. 

The call will also mark Tim Cook's last as chief executive before he becomes executive chairman on September 1, with hardware chief John Ternus expected to take over.