Apple overtakes Nvidia as world's most valuable company with market cap above $5 trillion
Apple has reclaimed its position as the world's most valuable company, surpassing Nvidia in market capitalization amid a sell-off in technology stocks. Investors are increasingly favoring the iPhone maker due to concerns about returns on massive investments in artificial intelligence.
On October 30, 2026, Apple shares fell 1.2%, but the company's market capitalization stood at $5.03 trillion. Nvidia shares dropped 4.2%, reducing its market value to $4.93 trillion, according to Companies Market Cap.
Apple regained the top spot by market capitalization for the first time since late July. The shift came amid disappointing earnings reports from major technology companies and mounting pressure on the AI sector.
Apple benefits from cautious AI investment strategy
Since the beginning of 2026, Apple shares have gained 27%, more than twice Nvidia's growth rate. The company has become the best-performing stock among the "Magnificent Seven" technology giants.
One of the key factors has been Apple's relatively restrained investment policy. Unlike its competitors, the company is not spending comparable amounts on building data centers and purchasing AI computing equipment.
Massive spending by Alphabet, Amazon, and other corporations has heightened investor concerns about the future profitability of such projects. Some companies have seen their free cash flow turn negative, forcing them to rely more heavily on debt financing amid rising interest rates.
By contrast, analysts expect Apple's free cash flow to increase 38% to $142 billion for fiscal 2026, which ended on September 30.
The technology stock sell-off intensified following weak financial results from Intel and Amazon, as well as previously released earnings reports from Alphabet and Meta. Investors began reassessing expectations for the pace of AI infrastructure spending growth.
Stock sell-off intensifies pressure on artificial intelligence sector
The Nasdaq 100 index lost 6.7% in October, marking its worst monthly performance since March 2025. Shares of AI data center operators CoreWeave and Nebius Group fell more than 30%, while Intel lost over 45% of its market capitalization during the month.
Nvidia's share price decline reflects market concerns about the sustainability of demand for computing capacity. Meanwhile, the company continues to expand its product lineup for developers, enterprise customers, and consumers.
In particular, Nvidia introduced updates to its RTX Spark laptop platform, designed for developers, content creators, and gamers. The devices use Blackwell RTX architecture graphics processors and Grace central processing units.
Earlier, we reported that Nvidia had urged European countries to accelerate artificial intelligence development and reconsider their overly cautious approach to industry regulation. The company advocated broader AI adoption and expanded computing infrastructure across the region.
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