Apple overtakes Nvidia to become world’s most valuable company
Friday’s sell-off comes as a number of major technology companies disappoint with their results
Apple has reclaimed the title of world's most valuable company, overtaking Nvidia on Friday (Oct 30), according to sources. The iPhone maker's market capitalisation reached US$5.03 trillion, while Nvidia's valuation fell to US$4.93 trillion. This marks the first time Apple has surpassed Nvidia since briefly doing so in late July.
The sell-off came as several major technology companies reported disappointing results, including Intel and Amazon.com, following similar reports from Alphabet and Meta Platforms. Concerns about artificial intelligence spending have contributed to the investor reaction, as Apple has largely avoided heavy capital expenditures in this area.
Apple's shares have risen 27% in 2026, outperforming Nvidia, which is a major beneficiary of AI spending. Overall, the outlays for AI infrastructure have resulted in negative free cash flow for companies like Alphabet and Amazon.com, forcing them to seek funding from the debt markets. Meanwhile, rising interest rates have increased borrowing costs.
Apple is projected to see its free cash flow increase by 38% to $142 billion in fiscal 2026, ending on Sep 30.
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- Apple overtakes Nvidia to become world’s most valuable company straitstimes.com
- Apple Overtakes Nvidia to Become World’s Most Valuable Company bloomberg.com
