Apple has once again become the world’s most valuable company, overtaking chipmaker Nvidia after a decline in technology stocks raised concerns about heavy spending on artificial intelligence (AI).
At the close of trading on October 30, Apple’s market capitalisation stood at $5.03 trillion, compared with Nvidia’s $4.93 trillion. Apple shares fell 1.2%, while Nvidia recorded a sharper decline of 4.2%.
The shift comes as investors reassess the returns from massive investments in AI infrastructure. Recent financial results from major technology companies, including Amazon, Intel, Alphabet and Meta, have added to concerns about rising costs and future profitability.
Apple has benefited from its relatively cautious approach to AI-related infrastructure spending. Its shares have gained around 27% in 2026, making it one of the strongest performers among major technology companies.
Although Nvidia remains a major force in the AI industry, Apple’s latest achievement highlights changing investor priorities in the global technology market.