Apple overtakes Nvidia as world's most valuable company
Apple regained the title of the world's most valuable company with a market cap of $5.03 trillion, surpassing Nvidia's $4.93 trillion. The shift occurred as investors rotated away from high-growth AI infrastructure plays toward companies with immediate cash flow.
Apple became the world's most valuable company with a market cap of $5.03 trillion, surpassing Nvidia's $4.93 trillion after Nvidia fell 4.2% and Apple lost 1.2% on Friday. Apple has gained 27% year-to-date, outpacing Nvidia. The move reflects a broader rotation away from high-growth AI infrastructure plays toward companies with immediate cash flow and defensive characteristics, such as Apple and Altria, amid concerns over massive AI capital expenditure.
Intel crashed 26% to $65.76, its worst day in over 40 years, after guiding Q4 revenue of $15-16 billion versus analyst expectations of over $17 billion; the US government's 10% stake in Intel lost approximately $12 billion in value. Amazon lost 1.4% after investing over $77 billion in Q3, primarily in AI data centers, resulting in negative free cash flow for the second consecutive quarter. Alphabet fell further after a 12% drop on Thursday due to high AI infrastructure costs, though reports suggest it is negotiating with the Pentagon for the $185 billion Golden Dome missile defense program. Meanwhile, Exxon and Chevron hit record highs as refinery margins surged due to supply disruptions in the Strait of Hormuz and attacks on Saudi and Russian refineries. Regeneron Pharmaceuticals beat earnings estimates with $5.1 billion in revenue and $20.07 adjusted EPS, while Altria hit a record high of $78 on strong sales of On! nicotine pouches. LPKF Laser fell 8.5% to 10.25 euros on weak nine-month results.