Apple Briefly Tops Nvidia as Most Valuable Company After iPhone Duo Sells Out

Apple briefly surpassed Nvidia as the world's most valuable company on Friday after its foldable iPhone Duo sold out, pushing shares to a record intraday high of $351.73 and a market value of about $5.1 trillion, though Nvidia regained the top spot by the close. Apple ended the day down 0.14% at $347.73 ($5.074 trillion), while Nvidia fell 0.59% to $210.96 ($5.094 trillion), leaving a $20 billion gap. The Duo, priced from $1,999 to $3,199, sold out immediately with deliveries delayed into late January, and scalpers in Beijing offered up to $448 above purchase price, signaling strong China demand. Apple reports earnings on November 2, with investors watching holiday guidance, Duo supply timing, and China commentary. At 45 times earnings, Apple's valuation exceeds Nvidia's 42 times, despite Nvidia's 105.8% revenue growth versus Apple's 16.4%, raising questions about whether the supply-limited foldable cycle justifies the premium.