Big TechApple, the AI spending holdout, retakes the No. 1 market cap after 3 months as Nvidia slides 4.2%

Apple closed Oct. 30 with a market value of $5.03 trillion, passing Nvidia to become the world's most valuable company again for the first time since late July. Apple shares fell 1.2%, but Nvidia dropped 4.2% to $4.93 trillion.

Investors treated Apple's far smaller AI infrastructure spending as a reason to see it as a safer bet. Apple is up 26.8% this year versus Nvidia's 9.7%. It is Apple's first time at No. 1 under CEO John Ternus, who took over in September.