Apple reclaimed the title of the world’s most valuable publicly traded company on Friday, Oct 23, 2026, the same day its first foldable iPhone reached stores. Shares surged to a new intraday record above $351, pushing Apple’s market value to roughly $5.12 trillion to $5.13 trillion and edging past Nvidia, which sat near $5.10 trillion to $5.12 trillion.
The lead changed hands through the session. Live market-value rankings later showed Nvidia regaining the top spot at times, a sign of how tight the contest for most valuable company has become between the two tech giants.
The two companies have traded the most valuable company crown before, and Friday’s session showed why the contest stays close. Nvidia’s market value sat only a fraction behind Apple’s at the intraday peak, near $5.10 trillion to $5.12 trillion against Apple’s $5.12 trillion to $5.13 trillion.
Most valuable company race follows Apple’s $5 trillion first
The swing came just over a week after Apple first closed above $5 trillion on Oct 14. That close made Apple the second most valuable company ever to cross the $5 trillion mark, after Nvidia, which had gotten there first.
Apple had closed Thursday at a record $348.22 before Friday’s further gains. The Duo launch-day buying spanned more than 70 countries and regions, according to MacDailyNews, giving investors a visible read on demand for Apple’s first foldable phone on the same day the shares set their record.
Friday’s intraday high above $351 added to a run that began earlier in the month. Each new record has widened the gap between the two leaders and the rest of the market, even as the two companies trade the crown back and forth during the session.
Most valuable company contest reflects the AI trade debate
Nvidia shares have faced pressure in recent weeks as investors question whether the AI trade can keep delivering. Apple, by contrast, has been viewed as a more defensive play, less exposed to a sudden turn in AI infrastructure spending.
That perception helped Apple on Friday. While Nvidia remains the purest bet on AI data-center demand, Apple draws its revenue from hardware, software and services, a mix that looks steadier when investors grow cautious about the AI buildout.
CNBC’s MacKenzie Sigalos reported from Apple’s Fifth Avenue flagship on launch day, where the foldable iPhone lines formed hours before the stock market opened. The launch-day crowds gave the share-price move a visible backdrop: real buyers queuing for a real product on the day the stock set its record.
Investor questions about the sustainability of the AI trade have weighed on Nvidia in recent weeks, MacDailyNews noted. Apple has benefited from the contrast, with the market treating the iPhone maker as the steadier of the two bets.
Most valuable company ranking: Alphabet and Microsoft trail
Behind the top two, Alphabet and Microsoft sit in the mid-to-high $3 trillion range, well back of the $5 trillion club. The two-horse race for most valuable company has left both companies watching from a distance, despite their own large AI investments.
The gap shows how the market has concentrated its biggest bets. Apple and Nvidia now trade in a valuation tier of their own, roughly $1.5 trillion clear of the next contenders.
Microsoft and Alphabet remain the next tier down, each valued in the mid-to-high $3 trillion range. Neither has closed the distance to the $5 trillion club, leaving the most valuable company contest a two-company affair for now.
Apple is operating under new leadership as it defends the most valuable company title. John Ternus succeeded Tim Cook as CEO on Sept 1, 2026. Ternus has emphasized faster product development and Apple’s approach to artificial intelligence, which includes using Google’s Gemini technology for aspects of Siri.
Apple ended Friday on top of the market-value ranking, though the intraday swings showed Nvidia still within striking distance. The Oct 14 close above $5 trillion had already put Apple in rare company; Friday’s record above $351 extended the run.