Apple Reclaims World's Most Valuable Company Title as AI Spending Doubts Lift Cash-Rich Stocks

Apple (AAPL) reclaimed the title of the world's most valuable company on Friday, overtaking Nvidia (NVDA) as investors gravitated toward companies with disciplined spending and stronger balance sheets amid mounting doubts over AI capital expenditures and returns. Apple fell 1.2% Friday but closed with a market value of $5.03 trillion. Nvidia dropped 4.2% to $4.93 trillion. The shift follows quarterly results from Intel (INTC) and Amazon (AMZN) that deepened unease over whether unprecedented AI infrastructure spending will deliver rapid returns. Alphabet (GOOGL) and Meta Platforms (META) also reported disappointing results. Apple has gained 27% this year, more than double the second-best performer, Nvidia, and rose 3% over the past month. Alphabet disclosed negative third-quarter free cash flow of $9.1 billion, while Amazon reported trailing 12-month free cash flow of negative $42.4 billion, pressuring cash generation as capital commitments climb. Apple's free cash flow is expected to rise 38% to $142 billion in its 2026 fiscal year. The Nasdaq 100 fell 6.7% in October, its worst month since March 2025.