Apple has regained the top spot as the world’s most valuable company, moving ahead of Nvidia after a sharp fall in AI-related stocks. On Friday, Apple’s market capitalisation reached $5.03 trillion, even though its shares slipped 1.2%. Nvidia’s shares fell 4.2%, leaving it with a $4.93 trillion valuation.
Investors have grown uneasy about whether heavy spending on AI infrastructure will produce the returns technology companies expect. This is the first time Apple has moved past Nvidia since it briefly held the lead in late July. So far in 2026, Apple’s shares have risen 27%, nearly triple Nvidia’s 9.7% gain.
Apple’s restrained AI spending draws investors
Apple has largely stayed away from the heavy AI outlays seen elsewhere, keeping its capital expenditure modest compared with other major AI infrastructure players. That approach has made it the strongest performer among the Magnificent Seven this year. The company is expected to lift its free cash flow by 38% to $142 billion in fiscal 2026, which ended on September 30.
Also read: US tech stocks slide sharply as AI spending cost fears grow
By contrast, Alphabet and Amazon have seen free cash flow turn negative as their AI spending rises, pushing them to rely more on debt. Several large tech firms, including Intel and Amazon, disappointed investors with their latest results, following earlier weak reports from Alphabet and Meta.
AI infrastructure stocks slump in October
The Nasdaq 100 fell 6.7% in October, its worst month since March 2025. AI infrastructure companies took heavy losses, with CoreWeave and Nebius each shedding more than 30% that month. Intel’s shares dropped more than 45%, the company’s largest monthly decline in over 40 years.
