Apple reclaims title as world’s most valuable company overtaking Nvidia
Apple overtakes Nvidia as the world’s most valuable company
On Friday, Apple’s market cap reached $5.130 trillion surpassing Nvidia, after Nvidia shares dipped amid broader tech pressures from AI spending fears, putting it on the verge of dethroning the AI chip darling as the world’s most valuable company.
According to investors starting to question the AI trade, Nvidia’s Teflon stock has come under major pressure; Nvidia stock is down 7.3% over the past month while Apple stock is up 2.5%.
Primarily, Thursday was an industry-wide downsizing for Big Tech with the Nasdaq Composite, plummeting nearly 2.5% in its worst single-day rout since June.
Meta dropped a bombshell in its third quarter results, experiencing deficit cash flow for the first time since 2012 due to heavy AI investments.
Furthermore, Yorkville Ives partner Dan Ives stated in a note on Apple, “With roughly 375 million iPhones that have not upgraded in over 4 years, we believe the pool of buyers waiting for a reason to upgrade is deep enough to keep Duo demand high well into 2027.”
Nonetheless, the recent shift coincided with the launch of Apple’s first foldable iPhone Duo while the equity demonstrated fortitude, reaching unprecedented peaks despite an elevated multiple of roughly 34.
