Apple Closes In On World's Most Valuable Company Crown — iPhone Duo Preorders, China AI Rollout In Focus

• The iPhone Duo, Apple’s first foldable smartphone, opens for preorders Friday and goes on sale Oct. 23.
• CEO Tim Cook said Apple Intelligence has received regulatory approval in China, with a test version expected later in October.
• Apple is scheduled to report fiscal fourth-quarter earnings on Nov. 2.

Apple Inc. (AAPL) is closing in on Nvidia Corp. (NVDA) in the race to become the world's most valuable publicly traded company after crossing the $5 trillion market-cap mark.

The iPhone maker’s stock rose to an intraday high of $347.85, pushing its valuation to nearly $5.1 trillion and making it only the second company after Nvidia to reach this milestone.

At the time of this writing, AAPL stock was trading marginally in the green. Over the past five trading sessions, Apple shares have risen over 3.5%. 

The gap between the two giants has narrowed not just because AAPL has gained ground but also because NVDA stock has slumped nearly 6% during this period, driven by fears of hotter-than-anticipated inflation data, neocloud debt loads, and circular financing.

Apple Products Add Momentum Amid AI Selloff

The narrowing gap comes as Apple prepares to open preorders for the iPhone Duo on Friday. The company’s first foldable smartphone will hit the market next week on Oct. 23. 

Apple also expanded its smart-home lineup on Tuesday, introducing the HomeView smart display, an updated Apple TV 4K and the second-generation HomePod mini, bringing Siri AI to more connected-home devices.

Apple's relatively limited spending on AI data center infrastructure has also helped shield the stock from the recent selloff.

Apple Intelligence Clears Regulatory Hurdle In China

Apple's artificial intelligence (AI) expansion could also gain ground in China, where regulatory requirements have delayed the availability of its AI features. CEO Tim Cook said Apple Intelligence had received regulatory approval in China, with a test version expected later in October.

The development removes a regulatory hurdle for Apple's AI ambitions in one of its key markets, although a broader commercial rollout date has not been confirmed.

Apple is scheduled to report fiscal fourth-quarter earnings on November 2, giving investors another opportunity to assess iPhone demand and the company's broader growth outlook.

What Retail Thinks About AAPL Stock

Despite Apple’s resilience amid the sell-off, retail investors’ sentiment around AAPL stock remained ‘bearish’ on Stocktwits.

So far this year, AAPL stock has rallied nearly 27%, the best-performing Magnificent Seven stock. By comparison, the Invesco QQQ Trust, Series 1 (QQQ), which holds the stock, has risen around 18% during this period.

Read Also: AMD, NVDA, Other Chip Stocks Extend Rout Amid AI Debt Concerns — Saxo Says Financing Squeeze Could Hit Supply Chain

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