On Friday, October 31, Apple (AAPL.O) closed with a market capitalization of $5.03 trillion, surpassing Nvidia's (NVDA.O) $4.93 trillion to become the world's most valuable publicly traded company. This marks the first time Apple has retaken the lead over Nvidia since late July. Apple shares fell 1.2% that day, while Nvidia dropped 4.2%. Recent earnings from Intel (INTC.O) and Amazon (AMZN.O) heightened market concerns over returns on massive AI capital expenditure, and Alphabet (GOOG.O) and Meta Platforms (META.O) had also been sold off earlier. By contrast, Apple's relatively restrained infrastructure investment and stronger free cash flow have given it relative resilience amid the tech stock correction. So far this year, Apple shares have risen 27%, while Nvidia has fallen more than 10% over the past month.