Apple overtook Nvidia on Friday to become the world’s most valuable company again, as investors pulled back from companies pouring money into artificial intelligence, Bloomberg reported.
Apple shares slipped 1.2% on Oct. 30, leaving the iPhone maker with a market value of $5.03 trillion. Nvidia fell 4.2% to close at $4.93 trillion, according to Bloomberg. It was the first time Apple had moved ahead of the chipmaker since late July.
Both stocks lost ground that day. The rankings flipped because Nvidia dropped more than three times as far.
AI spending doubts hit tech stocks
The selloff followed earnings and forecasts from Intel, Amazon, Alphabet and Meta that drew a poor reaction on Wall Street. Bloomberg reported that the results revived investor worries about whether heavy AI spending will pay off.
Apple has spent far less on AI infrastructure than its rivals. Investors have increasingly treated the company as a relatively safe bet, Bloomberg reported.
Its free cash flow is projected to climb 38% to $142 billion for fiscal 2026, which ended Sept. 30.
Apple shares are up 27% this year. That is more than double the gain for Nvidia, a major beneficiary of AI spending.
Foldable iPhone draws strong demand
Apple’s first foldable phone, the iPhone Duo, went on sale worldwide Oct. 23 at a price of about $2,000, Reuters reported. CEO John Ternus, the company’s former hardware chief, unveiled the phone barely a week after taking over in September.
Demand outpaced supply as soon as pre-orders opened Oct. 16. Within minutes, Apple’s estimated delivery dates slipped to late January, according to Reuters. Apple limited pre-orders to two phones per customer.
“Nothing short of extraordinary”
Research firm IDC forecasts that Apple will capture 44% of the global foldable phone market by value in 2026 and 31% by units, Reuters reported. IDC expects Apple to lead the segment on both measures in 2027.
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