Nvidia loses its $5 trillion crown as Apple takes the top spot

What happened

Apple's market capitalization reached $5.03 trillion on Friday, compared with $4.93 trillion for Nvidia, as the iPhone maker's shares proved more resilient during a broader tech selloff. Apple’s market value reached $5.03 trillion on Friday, even as its shares fell 1.2 %. Apple is a software and consumer electronics company based in Cupertino. NVIDIA is a semiconductor company based in Santa Clara.

Several major technology companies, including Intel and Amazon, disappointed investors with their latest results, following similarly disappointing reports from Alphabet and Meta. Apple has overtaken Nvidia to become the world’s most valuable company again, as investors look for safer places to put their money amid growing concerns about the cost of AI infrastructure.

Nvidia loses its $5 trillion crown as Apple takes the top spot ⓘ Nvidia, Apple Apple has overtaken Nvidia to become the world’s most valuable company again, as investors look for safer places to put their money amid growing concerns about the cost of AI infrastructure. Andrew Sozinov , Published 10/31/2026 Apple Nvidia Business Apple has reclaimed its position as the world's most valuable company, overtaking Nvidia after a sharp selloff in AI-related stocks.

Nvidia dropped 4.2 %, closing with a valuation of $4.93 trillion, as growing concerns about the returns on massive AI infrastructure investments weighed on technology companies. This is the first time Apple has overtaken the chipmaker since briefly reclaiming the top spot in late July.

Apple shares are up 27 % in 2026, nearly triple Nvidia’s 9.7 % gain this year. Apple has largely avoided the spending spree, keeping its capital expenditures relatively low compared with major AI infrastructure providers.

Apple has kept capital spending relatively low and is projected to increase free cash flow by 38 % to $142 billion in fiscal 2026, which ended September 30. The Nasdaq 100 fell 6.7 % in October, its worst month since March 2025.