Author: Elena Shimanskaya | Chief Editor: Vitaliy Kisterny 01.11.2026 06:30:00

Apple has once again become the most expensive public company in the world. As a result of trading on October 30, its market capitalization reached $5.03 trillion, while Nvidia fell to $4.93 trillion.

Sell-off amid disappointment in AI

The change in leadership occurred against the backdrop of a decline in technology stocks. Investors were disappointed by the financial results of Intel and Amazon, and earlier by the reports of Alphabet and Meta.

This intensified doubts that massive investments in artificial intelligence infrastructure would pay off.

Photo: © Belnovosti / Dollars that make up the capital of the most expensive company in the world. Author Vitaliy Kisterny Nvidia, as the main beneficiary of the AI boom, became cheaper more significantly.

Apple, on the other hand, spends relatively little on AI and wins due to a more conservative strategy.

According to Bloomberg, Apple is restraining capital expenditures while its competitors are building data centers and purchasing computing power.

As a result, its free cash flow is expected to grow by 38% to $142 billion by the end of the financial year, which ended on September 30.

Timeline of the change in leadership

In July 2026, Apple had already briefly surpassed Nvidia. At that time, its capitalization reached $4.9 trillion.

At the end of July, Apple became the second company in history to exceed a value of $5 trillion; Nvidia was the first to cross this threshold.

However, since May 2025, Nvidia has held the top spot. Now Apple has regained the title for the second time this year.

The Friday sell-off affected a wide range of technology companies.

Intel fell by 28.6%, AMD by 10.9%.

Against this backdrop, Nvidia's decline of 4.2% was notable but not the deepest. Apple lost less, which gave it a capitalization advantage.

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