Overview
- Apple regained the top spot on October 30, closing at $344.63 and a $5.03 trillion market value while Nvidia finished at $204.64 and about $4.93 trillion.
- The move followed weak quarterly reports from several big tech firms that deepened questions about whether massive spending on AI compute will pay off and prompted broad selling of chip stocks.
- Chip and semiconductor indexes plunged on the day, with the PHLX Semiconductor Index down about 9.3% and individual names such as Intel showing especially large declines.
- Analysts say Apple’s lower capital spending and strong cash generation have made it more attractive this year, with free cash flow forecast to rise toward $142 billion for fiscal 2026.
- Apple’s recent product rollouts, including the iPhone Duo foldable and the HomeView device, saw strong pre-order demand, though some analysts warned that delaying the base iPhone to early 2027 may confuse buyers and risk future sales.