Apple Inc. reclaimed the title of world’s most valuable company on Friday, surpassing Nvidia Corp. after investors favored the iPhone maker amid AI spending concerns. Apple shares fell 1.2%, giving it a market cap of $5.03 trillion, while Nvidia dropped 4.2% to $4.93 trillion. This is Apple’s first clear lead since a brief surge in late July. The selloff follows disappointing earnings from major tech firms, including Intel Corp., Amazon.com Inc., Alphabet Inc., and Meta Platforms Inc., renewing worries about AI spending outlook. Apple, which has kept capital expenditures tight, is up 27% in 2026, outpacing Nvidia’s roughly 13% gain. Its free cash flow is projected to climb 38% to $142 billion in fiscal 2026, contrasting with Alphabet and Amazon’s negative cash flow. The tech-heavy Nasdaq 100 fell 6.7% in October, its worst month since March 2025. Core Weave Inc. and Nebius Group, AI data‑center owners, dropped over 30% this month, while Intel lost more than 45% in October—its largest one‑month decline in over 40 years.
The TSX suffered its worst day since June, joining a North American retreat as technology and materials stocks led the decline. The S&P/TSX Composite closed 1.7% lower, erasing half of October’s gains. Tech names like BlackBerry Ltd., Celestica Inc., and Shopify Inc. fell on AI‑frenzy concerns, while precious‑metal miners slumped as gold hit a year‑low. “The TSX is selling off into month‑end as part of a larger North American and global retreat,” said SIA Wealth Management’s Colin Cieszynski. Industrials, communications, and financials also came under pressure. Bright spots were telecommunications, consumer staples, and energy, boosted by rising oil/gas prices and solid earnings. TFI International Inc. was the benchmark’s worst performer, dropping 17% after missing Q3 results and issuing a weak forecast.
Key entities include Apple Inc., Nvidia Corp., Intel Corp., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Core Weave Inc., Nebius Group, BlackBerry Ltd., Celestica Inc., Shopify Inc., and TFI International Inc. Locations: worldwide markets, TSX, Nasdaq. People: Tim Cook (implied), Colin Cieszynski.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing