Tech stocks have been under pressure this week, but Apple reclaimed the title of most valuable company, driven by iPhone demand and new hardware releases. The company's valuation closed at $5.03 trillion on October 30, surpassing Nvidia's $4.93 trillion. This shift marks another chapter in the ongoing rivalry between Apple and Nvidia, with iPhone and Services demand competing against AI chip consumption.
Apple's stock rose on the back of multiple hardware launches and the seamless transition of CEO from Tim Cook to John Ternus. Despite Loop Capital lowering its price target on concerns about a complicated iPhone cycle moving the base launch to early 2027, Apple's market position remains strong. The company's valuation first closed over $4 trillion in October 2025 and passed $5 trillion by July 2026.
Apple recently split its iPhone launch into two events and raised prices, while introducing the iPhone Duo and Home View smart home devices, both of which sold out during pre-orders. The iPhone Duo has seen buyers queue for hours and days outside Apple Stores worldwide. While the valuation may flip-flop between Apple and Nvidia for years, Apple is once again the most valuable company in the world.
Source: AppleInsider · Summarized by HeadlinesBriefing