Apple overtakes Nvidia as world's most valuable company amid AI spending fears

Apple closed Friday at a $5.03 trillion market value, passing Nvidia at $4.93 trillion, Bloomberg reports. Apple slipped 1.2% while Nvidia sank 4.2% as disappointing results from Intel and Amazon, following Alphabet and Meta, renewed worries that heavy AI infrastructure spending won't pay off. It's the first time Apple has led Nvidia since late July. Apple, which has largely stayed out of the AI capex race, is up 27% this year, the best of the Magnificent Seven.