Tech stocks have been a bloodbath this last week, but Apple's iPhone has supported the company enough with it once more taking the top spot as the most valuable firm in the world.
That top spot has been going back and forth between Apple and Nvidia for some time now, as iPhone and Services demand go up against AI chip consumption. This time, Apple's stock has been rising on the back of multiple hardware releases, plus the seamless transition of CEO from Tim Cook to John Ternus.
Apple stock closed on October 30 down to $344.63, leaving the company with a $5.03 trillion valuation. Nvidia had a tough day too, and finished below AAPL at $204.64 per share, and a $4.93 trillion valuation.
This latest valuation comes despite one analyst believing that Apple has confused iPhone buyers. Loop Capital claims that moving the base iPhone launch from September to some point early in 2027 has left buyers unsure.
Consequently, the claim is firstly that Apple lost many sales, but secondly that it also will not do well when the base model is finally released.
Nonetheless, Apple's stock rise and its position as the most valuable company keeps recurring. Its valuation first closed over $4 trillion in October 2025, but then by July 2026, it passed $5 trillion.
Since then, the company has split its regular iPhone launch into two, and it has also had to raise prices. But at the same time, it has launched its first foldable with the iPhone Duo, and its first significant foray into smart home devices with the HomeView.
Both of these sold out during the pre-order phase, however. And then the iPhone Duo saw the return of buyers queuing for hours and even days outside Apple Stores across the world.
All of this has been enough to see Apple's valuation beat Nvidia's, but it likely will flip-flop between the two for years. It may even flip back quite quickly, but for now Apple is yet again the most valuable company in the world.
