Apple overtakes Nvidia as world's most valuable company at $5.03T

On Friday, October 31, 2026, Apple closed at a market capitalization of $5.03 trillion, overtaking Nvidia to reclaim the title of the world's most valuable company. On that day, Apple fell 1.23%, closing at $5.03 trillion, while Nvidia dropped 4.22%, closing at approximately $4.93 trillion with a one-day market value loss of about $217 billion. Because Apple's decline was much smaller, the two companies swapped positions, leaving Apple roughly $0.1 trillion ahead. According to the report, this is the first time Apple has regained the top spot since briefly surpassing Nvidia at the end of July, after Nvidia had held the leading position for an extended period.

The Friday sell-off came against a backdrop of disappointing earnings from several major technology companies, including Intel and Amazon, with Alphabet and Meta having faced similar situations earlier. This renewed investor concerns about the outlook for AI capital spending. The report notes that the market has questioned whether heavy investment in AI compute infrastructure can pay off. Against this backdrop, Apple, which has largely avoided large-scale AI infrastructure spending and maintained relatively restrained capital expenditure alongside strong cash flow, has been viewed as a more defensive tech stock, with some investors turning to it for relative safety. Over the same period, the Nasdaq 100 fell 6.7% in October, marking its worst month since March 2025. As of Friday's close, Apple held the world's top market value, with Nvidia falling to second place.