Abstract:
After experiencing a general decline in technology stocks in the past week, Apple once again surpassed Nvidia and became the world's most valuable listed company with continued strong iPhone market demand. In recent years, Apple and Nvidia have continued to engage in a tug of war over the position of the world's most valuable company. Apple relies on growth in its iPhone product line and services business, while Nvidia benefits from demand for AI chips driven by the artificial intelligence boom.
Apple's ability to regain the top spot this time is related to its recent intensive launch of a number of new hardware products and the smooth handover of CEO from Tim Cook to John Ternus. These factors have boosted investor confidence.
As of the close of trading on October 30, Apple’s stock price was at US$344.63, and the company’s total market value reached US$5.03 trillion. NVIDIA also suffered a stock price drop that day, closing at US$204.64, corresponding to a market value of approximately US$4.93 trillion, temporarily lagging behind Apple.
It is worth noting that although some analysts have reservations about Apple's future sales prospects, the market as a whole still gives positive reviews. Previously, Loop Capital had said that Apple’s adjustment of the launch time of the basic iPhone from the traditional September to early 2027 may confuse some consumers. The agency believes that this change may not only lead to the loss of some sales, but may also affect the market performance of the basic model after it is officially launched.
However, judging from capital market performance, investors seem to be more concerned about Apple's overall product strategy and market appeal. Apple exceeded the US$4 trillion market capitalization mark for the first time in October 2025, and further crossed the US$5 trillion threshold in July 2026.
Since then, Apple has adjusted the pace of iPhone product releases, splitting the originally unified annual release into two phases, and at the same time increased the selling prices of some products due to cost factors. However, the company has also launched a number of high-profile new products, including the first foldable screen phone iPhone Duo, and its first large-scale entry into the smart home field with the HomeView device.
These two new products sold out quickly during the pre-sale stage. Among them, iPhone Duo is particularly popular in the market. Many consumers have once again queued for hours or even days in front of Apple retail stores around the world waiting to buy. This scene has not been seen for many years.
Market analysts believe that it is the sales momentum and brand influence brought by these products that help Apple once again lead Nvidia in the market value competition. However, as the artificial intelligence industry continues to expand and both parties’ businesses grow respectively, the world’s number one market value position may still change hands repeatedly between Apple and Nvidia in the next few years.
At least at this stage, Apple has once again become the world's most valuable listed company.
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