Apple overtakes Nvidia and becomes the most valuable company

Apple overtakes Nvidia and once again became the world's most valuable publicly traded company on Friday. The company's shares crossed the $351 threshold per share, setting a new intraday record, as reported by 9to5mac.com, stocktwits.com, and coinpedia.org.

Return to the Top and Market Value

Apple's market capitalization reached approximately $5.11 to $5.12 trillion. Exact estimates of Nvidia's value vary slightly across sources, with stocktwits.com reporting $5.09 trillion and coinpedia.org reporting $5.06 trillion, while 247wallst.com mentioned a value of $5.124 trillion from the previous close. Apple shares have gained over 29 percent since the beginning of the year, while Nvidia has dropped 6 percent over the past month as investors grow cautious about high spending on artificial intelligence.

According to a statement provided to 247wallst.com by Michael O'Rourke, this is the most widespread sell-off of the artificial intelligence trade all year. Jay Woods added that the company previously faced criticism for not spending more money in this area, but ultimately managed to avoid some of the pitfalls of capital expenditures.

Launch of the iPhone Duo

Friday marked the global launch of sales for the iPhone Duo, the brand's first foldable phone. The base price starts at $1,999 to $2,000, while the model with the largest storage capacity costs $3,199. According to stocktwits.com and 247wallst.com, the new model generated strong initial demand, with delivery dates extending into late January.

Apple limited pre-orders to two units per customer. In China, France, Hong Kong, India, and Japan, purchases were restricted to customers ordering online. In an interview with CNBC, Greg Joswiak stated that pre-orders were completely off the charts and dismissed reports blaming longer wait times on manufacturing issues, stating it is a normal production ramp-up. Supply chain reports from Morgan Stanley indicate that Apple will produce approximately 6.5 million units of the Duo model in the second half of the year.

IDC expects Apple to capture 44 percent of the global foldable smartphone market value and 31 percent of unit sales in 2026. Francisco Jeronimo noted that Apple has built a compelling case for this type of design. Apple is scheduled to report its fourth-quarter earnings on November 2.