Apple Surpasses Nvidia as World's Most Valuable Company
Apple Inc. became the world's largest company by market value after Nvidia Inc. shares plummeted due to AI spending concerns and chip export delays.
Shares of Nvidia Inc. suffered their steepest intraday decline since April 2025 on November 5, 2026, triggering a broader market selloff that saw the Nasdaq Composite fall over 1,000 points. Reports on the stock's closing price varied, with some citing a 3.17% dip to $200.13 and others reporting a more severe plunge of nearly 8% to $184.83.
The decline was driven by investor fears that Democratic wins in the midterm elections would slow the construction of AI data centers. Additionally, reports emerged that approximately 600,000 H200 chips are stranded in Hong Kong because of import licensing delays. Apple Inc. capitalized on this market rotation, rising 5.31% to overtake Nvidia as the world's most valuable company.
Investors are now looking toward Nvidia's November 17 earnings report. The company must meet or exceed its $108 billion revenue guidance to prove that AI demand remains resilient despite shifting capital spending and export restrictions in China.
