Apple reclaimed the title of the world’s most valuable publicly traded company on Friday — the same day its first foldable iPhone reached stores — after shares surged to a new intraday record above $351.
The stock’s climb pushed Apple’s market capitalization to roughly $5.12–$5.13 trillion at its peak, edging past Nvidia, which had held the top spot for an extended period and was trading near $5.10–$5.12 trillion during the session. Positions fluctuated as trading progressed, with some live rankings later showing Nvidia regaining the lead, underscoring how quickly the ranking can shift among the two companies now valued in the same narrow range.
The move came amid ongoing investor questions about the sustainability of the AI-driven trade that has powered Nvidia’s multi-year run. Nvidia shares have faced pressure in recent weeks, while Apple has been viewed as a more defensive play given its hardware and ecosystem strengths. Apple closed Thursday at a record $348.22, already within striking distance of Nvidia, before Friday’s further gains.
Friday’s milestone also coincides with the global launch of the iPhone Duo, Apple’s long-awaited book-style foldable priced from $1,999. The device opens to a 7.6-inch inner display (Apple’s largest ever on an iPhone) with a nano-texture finish, paired with a 5.4-inch outer screen. It is built from polished grade-5 titanium, runs the A20 Pro chip, and is eSIM-only. Pre-orders that began October 16 saw strong demand, with some configurations quickly slipping into early 2027 shipping windows, and Apple noted limited in-store availability on launch day in more than 70 countries and regions.
The valuation swing arrives just over a week after Apple closed above $5 trillion for the first time on October 14, making it only the second company to do so after Nvidia. The company is operating under new CEO John Ternus, who succeeded Tim Cook on September 1, 2026. Ternus, previously senior vice president of Hardware Engineering, has emphasized accelerating product development while navigating supply constraints (including memory) and Apple’s approach to AI, which includes partnerships such as using Google’s Gemini technology for aspects of Siri.
Alphabet and Microsoft trail well behind in the market-cap rankings, both in the mid-to-high $3 trillion range, leaving the top spot a two-horse race between Apple and Nvidia for the time being. Analysts have pointed to a large base of iPhone owners who have not upgraded in several years as a potential support for Duo demand into 2027, even at the premium price point.
MacDailyNews Take: It turned out that all we really needed was a new CEO.
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