Apple overtakes Nvidia to become world’s most valuable company
This is the first time Apple has overtaken Nvidia since briefly doing so in late July.
On October 30, Apple reclaimed its position as the world's most valuable company after briefly being overtaken by Nvidia in late July. The tech giant's market capitalization reached US$5.03 trillion, surpassing Nvidia's valuation of US$4.93 trillion. This marks the first time Apple has outpaced Nvidia since the earlier exchange.
The shift occurred amid concerns over AI spending, as several major technology companies reported disappointing results, including Intel and Amazon, which followed the trends set by Alphabet and Meta Platforms.
The negative outlook for AI spending has made Apple, which has largely avoided capital expenditures, the standout performer among the Magnificent Seven tech giants this year. Apple's shares have climbed 27% in 2026, more than double the growth of Nvidia. Unlike Nvidia, Apple's heavy spending on AI computing infrastructure has been minimal, allowing it to maintain robust free cash flow.
In fiscal 2026, Apple is expected to see its free cash flow surge by 38% to US$142 billion, ending on September 30. This projection comes as rising interest rates have increased borrowing costs for other tech companies, such as Alphabet and Amazon, which have turned negative on free cash flow, forcing them to seek debt financing.
Rising interest rates have also driven the tech-heavy Nasdaq 100 Index down by 6.7% in October, marking its worst month since March 2025. CoreWeave and Nebius Group, data center providers that supply AI computing services, have dropped more than 30% this month. The collapse on October 30 resulted in Intel losing over 45% in the month, marking its largest single-month decline in over four decades.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
