Nvidia reclaims world’s most valuable company title from Apple as Apple’s margin outlook weakens
On 3 Nov 2026 Nvidia’s shares rose about 3% and its market value reached roughly $5 trillion, pushing it back ahead of Apple as the world’s most valuable public company. Apple’s stock fell about 2% after the company forecast a fourth‑quarter gross margin of 45%‑46%, down from 47.9% a quarter earlier. The market‑cap swap reflects rising memory‑cost pressure on Apple and continued AI‑driven demand for Nvidia’s chips.
Why it matters
Investors see Nvidia’s valuation edge as a signal of strong AI demand, while Apple’s margin guidance highlights cost pressures that could curb earnings growth. The shift in market‑cap ranking may influence relative weighting in index funds and sector allocations.
Key facts
- 1Nvidia’s market capitalization was $5.02 trillion at 11:55 a.m. EDT on 3 Nov 2026. finance.yahoo.com
- 2Apple’s market capitalization fell to $4.83 trillion at the same time. finance.yahoo.com
- 3Nvidia’s market value was reported as $4.99 trillion after its shares rose 2.29% to $206.69. 247wallst.com
- 4Apple’s market value was reported as $4.84 trillion after its shares fell 1.90% to $331.90. 247wallst.com
- 5Apple guided its current‑quarter gross margin to 45%‑46%, down from 47.9% in the prior quarter. 247wallst.com
- 6Nvidia’s data‑center revenue in the prior quarter was $89.02 billion, up 117%. 247wallst.com
Open questions
- Conflicting market‑cap figures for Nvidia ($5.02 trillion vs $4.99 trillion) and Apple ($4.83 trillion vs $4.84 trillion) reported on the same date.
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.