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- Apple becomes the world’s most valuable company.
- SpaceX has lost $1.2 trillion in market cap since June.
- Iran reportedly says it will suspend hostilities as long as the U.S. does.
- Oil prices tumble on the news.
- Trump takes aim at Fed board members again.
Apple CEO Tim Cook waves on stage during Apple’s annual Worldwide Developers Conference in Cupertino, California, U.S., June 8, 2026. Carlos Barria | Reuters
Hello, this is Hui Jie writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.
After being the world’s most valuable company since June 2025, Nvidia has been dethroned by Apple, with the company reaching a market cap of $4.95 trillion.
Will Nvidia reclaim its number one position in the coming days, or will Apple still be the top dog?
What you need to know today
Apple has become, well, the apple of Wall Street’s eye.
The iPhone maker has overtaken Nvidia to become the world’s most valuable company, reclaiming the market-cap crown from the AI chip giant. Shares climbed 1% to propel the company’s valuation to $4.95 trillion, while Nvidia pulled back 5% on Monday, giving the chipmaker a valuation of $4.77 trillion.
But while Apple is enjoying its moment back at the top, another tech name is on a rough ride: SpaceX.
The company has lost more than $1.2 trillion — or the full market capitalization of Tesla — in market value since its shares hit a high of $225.64 last month, bringing one of the market’s most closely watched debuts back down to Earth.
On Monday, SpaceX fell for the 13th session out of the last 16, shedding more than 1% to end at $113.50.
Iran pause holds
A temporary break in hostilities between the U.S. and Iran appeared to hold on Monday, even as Tehran denied media reports that it had agreed to a 10-day ceasefire.
The detente followed reports in U.S. media that said reduced munitions stockpiles were factoring into U.S military decision making.
The New York Times reported that President Donald Trump has “set aside, at least for now” plans to escalate the war against Iran, as such a move could drain already diminished stockpile of Patriot interceptors and other air defense munitions in the Middle East.
NBC News reported that the shortage of munitions were already having an effect, with U.S. forces intentionally letting some Iranian projectiles through its defenses so as to preserve the Pentagon’s shrinking supply of missiles.
Trump brushed aside those concerns, saying the U.S. had “plenty” of ordnance. “We have a lot of ammunition, different types,” he told reporters on Air Force One while flying to Michigan.
Iran, on its part, reportedly said it would suspend attacks as long as a U.S. pause in hostilities remains in place.
Oil prices fell sharply on the development, with international benchmark Brent plunging 8.7% to close at $88.36 a barrel. U.S. West Texas Intermediate crude slipped 0.62% in early Tuesday trade, after tumbling 7.5% on Monday. Oil was trading nearly 1% lower in Asia on Tuesday.
Separately, Trump also took aim at the U.S. Federal Reserve. While he voiced support for Fed Chairman Kevin Warsh, he accused the bank’s officials of having ulterior motives, calling them “very political” and perhaps having “bad intentions.”
He insisted the U.S. should have the lowest interest rates in the world. “Rates should be lowered. This country could be at 8%, 9%, 10%, 12% [annualized growth of] GDP. That’s what it should be,” he said.
— Lim Hui Jie
And finally…
Nvidia, SpaceX, Microsoft launch AI safety initiative as OpenAI cyberattack fallout continues
Nvidia and a host of tech giants on Monday launched a new artificial intelligence safety initiative focused on open models, as the fallout from a cyberattack committed by rogue OpenAI models continues.
“The Open Secure AI Alliance will work to remediate and disclose vulnerabilities using open technologies,” Nvidia said in a statement. “The recent Hugging Face security incident delivered a clear reminder: cyber defenders need open, frontier agentic systems for self-defense.”
Alongside Nvidia, other members of the alliance include Microsoft, SpaceX, Palantir, and dozens of other tech companies from the U.S. and Europe.
Last week, it emerged that the target of the attack, startup Hugging Face, was unable to use leading U.S. frontier models to defend itself, with guardrails not distinguishing between aggressor and defender. Instead, it turned to a self-hosted, open-weight Chinese model, which was not bound by those same restrictions.
— Kai Nicol-Schwarz
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