TLDR
- Apple (AAPL) closed at $344.63, down 1%, but its $5.03 trillion market cap passed Nvidia’s $4.93 trillion.
- Nvidia (NVDA) fell 4% to $204.64 as the chip sector sold off.
- Intel (INTC) dropped nearly 29% in one session to $65.76.
- Alphabet fell 19% and Meta fell 15% over the past month.
- Apple is up 27% this year, more than double Nvidia’s gain.
Apple (AAPL) closed at $344.63 on Friday, down $4.28 or 1%. Even so, the iPhone maker ended the day as the world’s most valuable public company. Its market cap finished at $5.03 trillion.
Nvidia (NVDA) took the other path. The stock fell 4% to $204.64, which pulled its value down to $4.93 trillion. That put Apple back in first place by about $100 billion.
It is the first time Apple has led Nvidia since a short stretch in late July. Before that, the two had traded the top spot back and forth.
Intel (INTC) was the day’s worst performer. The stock dropped nearly 29%, or $26.31, to close at $65.76. It slipped another 1% in after-hours trading to $64.89.
Amazon (AMZN) also reported results this week. Its stock fell 1% on Friday after the numbers deepened worries about AI spending. Alphabet (GOOGL) slid 1% and Meta (META) dropped 2% on the day.
Chip stocks lead the drop
The PHLX Semiconductor Index fell 9.3% during the session. Every component of the index traded lower. Nvidia dropped as much as 5.8% at one point before trimming losses.
The Magnificent Seven had a rough day. Investors are asking when all that AI spending will pay off. Intel’s report and Amazon’s update only added to the doubt.
Earlier disappointments from Alphabet and Meta set the tone. Alphabet is down 18.6% over the past month. Meta has lost 15.2%.
Nvidia has shed about 10% in the last month. Even the biggest winner of the chip buildout is getting a harder look. Investors want proof of lasting demand from end customers.
Why Apple is holding up
Apple has spent far less on AI infrastructure than its rivals. That restraint is paying off for now. The stock is up 27% this year and has gained 3% over the past month, while most peers moved lower.
Cash flow is a big part of the story. Alphabet reported negative free cash flow of $9.1 billion for the third quarter. Amazon posted a trailing twelve-month free cash flow deficit of $42.4 billion.
With borrowing costs high, some of these companies are turning to debt markets to cover the gap. Apple is expected to grow its free cash flow. That gives it a cushion the others lack.
Apple’s year-to-date gain is more than twice Nvidia’s, which sits in second place among the group. For one day at least, the “boring” stock beat the star of the AI trade.
Intel’s shares sat at $64.89 in after-hours trading on Friday, with Apple’s market cap at $5.03 trillion and Nvidia’s at $4.93 trillion.
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