For a few hours on Friday, Apple was once again the most valuable company in the world. On October 23, the day its first foldable iPhone went on sale, Apple's stock set a new intraday record above $351 a share, giving it a market value of about $5.12 trillion and putting it ahead of Nvidia, according to 9to5Mac. Google ranked third.
The lead didn't last the full session. Yahoo Finance reported that Nvidia moved back into the top spot later in the day, and by early afternoon PT, CNBC put Apple's market value at $5.05 trillion against Nvidia's $5.10 trillion.
A launch-day rally
The iPhone Duo, Apple's first folding iPhone, starts at $1,999 and climbs above $3,000 for the highest-storage model, according to CNBC. Preorders opened October 16 and sold out almost immediately, CNBC reported, with some delivery estimates stretching into January. 9to5Mac's launch-day coverage described lines at Apple Stores and limited walk-in stock.
Apple shares were up about 4% for October as of Friday, while Nvidia was down about 7% for the month amid concerns about the AI financing environment, CNBC said. Apple closed Thursday at a record, according to Yahoo Finance, while Nvidia sat about 11% below its October 6 record close following this month's selloff in chip stocks.
The fifth time Apple has retaken the crown
Yahoo Finance counts Friday's flip as the fifth time Apple has taken the top spot back from Nvidia, and notes the move has rarely stuck. Its breakdown:
- Nvidia first closed as the most valuable US-listed company on June 18, 2024.
- Nvidia has held the spot almost continuously since June 2025, interrupted only by a four-session Apple run in late July.
- The only time Apple's comeback lasted was in January 2025, when the DeepSeek scare hit chip stocks and Apple held the lead into the spring.
- Since the start of 2024, the top spot has changed hands about two dozen times.
Before the AI boom, the contest was far less close. Yahoo Finance says Apple closed as the most valuable US-listed company in about 7 of every 10 sessions since October 2015. Apple hadn't finished a trading day in first place since July 30.
What's next: earnings
Apple reports its next quarterly results on November 2. CNBC says revenue expectations are around $113 billion, in line with Apple's earlier guidance for 9% to 11% year-over-year growth. Microsoft and Alphabet, ranked third and fourth by Yahoo Finance at roughly $3.9 trillion each, report earnings on Wednesday.
The iPhone Duo's launch hasn't been entirely smooth. The Verge highlighted a Reddit post from an owner who said their Duo's screen cracked along the hinge within hours of purchase, and that the Apple Store replaced it.
Sources
- 9to5Mac: Apple overtakes Nvidia as most valuable company in the world on iPhone Duo launch day
- Yahoo Finance: Apple is taking Wall Street's top spot back from Nvidia, for the fifth time
- CNBC: Apple is set to take back the market-cap crown from Nvidia
- The Verge: Is this the first cracked iPhone Duo screen? (October 2026 news archive)
