Apple briefly tops Nvidia in value, but Nvidia still looks likely to end October ahead

Apple briefly became the world's most valuable publicly traded company on Friday, but Nvidia moved back ahead during the session, Yahoo Finance reported. Traders still expect Nvidia to be the largest company at the end of October, with Apple the clear runner-up. Nvidia's chances are likely rather than all but certain, as they were when this story began.

The reversal likely explains the pullback in bets on Apple. Its lead did not hold, leaving Nvidia in front as the week's trading went on. Yahoo Finance described it as the fifth time Apple has taken the top spot back from Nvidia.

Bets on Apple moved sharply during the day. They slid early Friday, then jumped to a toss-up in the morning as Apple pushed past its rival. The jump faded later in the day, and bets on Apple finishing October on top ended back where they stood before the swing, at unlikely. Over the past week they have swung widely, from near the low end of unlikely to a toss-up and back.

The backdrop is a volatile run for AI-related shares. Tech stocks rallied on Oct. 21, with Nvidia up 2.5%. They then sold off on Thursday, Oct. 22, as investors questioned whether huge AI investments will earn adequate returns, the Associated Press reported. Nvidia fell 4.4% that day, which narrowed the gap with Apple. Bets on Apple finishing the year on top have also risen since the story began, though that still looks unlikely.

The contest has been tight for more than a week. On Oct. 15, Cinco Días reported that Apple had crossed $5 trillion in market value, with Nvidia at about $5.16 trillion and Apple at $5.06 trillion at the opening. The outlet said Apple's new iPhone Duo had helped investor optimism.

The question is settled by market value at the close on Oct. 31, which falls on a Saturday. That appears to point to the last regular U.S. session on Friday, Oct. 30, though how the rules treat a non-trading date is worth clarifying.

Several events before then could shift the ranking. Microsoft reports results after the close on Oct. 28, and Amazon holds its earnings call on Oct. 29, with investors watching for updates on AI spending and returns. Apple has a media event in Los Angeles on Oct. 28, where new products could affect sentiment. Apple's fiscal fourth-quarter results call is set for Nov. 2, after the deadline, and no decisive Apple or Nvidia earnings release before the end of October has been identified.