Apple regained the position of the world's largest market capitalization company from Nvidia in the trading session on October 30.

At the end of the trading session on October 30, Apple shares decreased 1.2%, bringing the group's market capitalization down to 5,030 billion USD. Meanwhile, Nvidia shares plunged 4.2%, causing the chip company's capitalization to decrease to $4,930 billion.

This is the first time Apple has surpassed Nvidia to become the world's most valuable business since a brief time at the end of July.

The sell-off of technology stocks took place after a series of large corporations, including Intel and Amazon, announced disappointing business results. Previously, Alphabet and Meta Platforms also released reports that did not meet market expectations.

These developments raise concerns about the outlook for spending on AI, an area where Apple has so far limited large-scale investments compared to its rivals.

Worries that hundreds of billions of dollars poured into AI computing infrastructure may not bring adequate profits have made Apple the best-performing stock among the seven largest US technology corporations, often called the Magnificent Seven, so far this year.

Apple shares have risen 27% in 2026, more than double the gain of Nvidia, the second-ranked company in the group and one of the biggest beneficiaries of the AI ​​investment wave.

Spending on AI at technology corporations has increased to the point that the free cash flow of businesses like Alphabet and Amazon has turned negative. This forces companies to rely increasingly on the bond market to raise capital, while rising interest rates continue to push up borrowing costs.

In contrast, Apple still maintains a policy of tightly controlling capital spending. The group's free cash flow is forecast to increase 38%, to $142 billion in fiscal year 2026, ending September 30.

The divergence between Apple and businesses investing heavily in AI takes place in the context of the US technology stock market experiencing a volatile month.

The Nasdaq 100 index, which focuses on large technology businesses, fell 6.7% in October, marking its sharpest monthly decline since March 2025.

Shares of CoreWeave and Nebius Group, two businesses that own data centers and provide AI computing services, both fell more than 30% during the month.

Notably, after a plunge in the last session of the month, Intel shares fell more than 45% in October. This is the largest monthly decrease for the American chip company in a data set spanning more than 40 years.

This development shows that concerns about the effectiveness of AI investment are having a strong impact on the technology market, while Apple has become a choice that investors consider to be relatively safer thanks to its cost control strategy and ability to generate cash flow.