Tech stocks have been a bloodbath over the past week, but Apple’s iPhone has been quite supportive of the company, once again taking the top spot as the world’s most valuable company.
The top spot has been going back and forth between Apple and Nvidia for some time now, as demand for iPhones and services is rising relative to the consumption of AI chips. This time, Apple shares surged on the back of multiple hardware releases, as well as the seamless CEO transition from Tim Cook to John Ternus.
Apple shares closed Oct. 30 at $344.63, leaving the company with a valuation of $5.03 trillion. Nvidia also had a rough day, closing below AAPL at $204.64 per share and a $4.93 trillion valuation.
This latest rating comes despite one analyst believing Apple has confused iPhone buyers. Loop Capital says moving the launch of the base iPhone from September to early 2027 has left buyers uncertain.
As a result, it is argued firstly that Apple has lost a lot of sales, but secondly that it will not fare well when the base model is finally released.
However, Apple’s stock rises and its position as the most valuable company continues to repeat itself. Its valuation first closed at over $4 trillion in October 2025, but then surpassed $5 trillion in July 2026.
Since then, the company has split its regular iPhone launch in two and has also had to raise prices. But at the same time, it launched its first foldable with the iPhone Duo and its first significant foray into smart home devices with HomeView.
Both, however, sold out during the pre-order phase. And then the iPhone Duo saw the return of shoppers queuing for hours and even days outside Apple Stores around the world.
All of this was enough to see Apple’s valuation beat that of Nvidia, but the two will likely go back and forth for years. It may also bounce back pretty quickly, but for now Apple is once again the most valuable company in the world.
