Apple Overtakes Nvidia As World's Most Valuable Company — iPhone Duo Hits Stores Amid Strong Demand

IDC expects Apple to capture 44% of the foldable smartphone market by value this year, as strong initial interest tests the company's ability to meet demand.

• Apple's first foldable iPhone hit the stores globally Friday, with pre-order delivery estimates extending into late January.
• Marketing chief Greg Joswiak told CNBC that pre-orders were exceptionally strong and pushed back on reports of production problems.
• Morgan Stanley's supply-chain checks point to production of approximately 6.5 million Duo units in the second half of 2026.

Apple Inc. (AAPL) stock hit a fresh record high on Friday and the iPhone maker overtook Jensen Huang-led Nvidia Corp. (NVDA) to become the world's most valuable publicly traded company.

Apple’s market capitalization reached $5.11 trillion, edging past the AI bellwether’s $5.09 trillion valuation, according to Google Finance. The surge comes as the company’s first foldable iPhone hit stores worldwide. 

As of this writing, AAPL stock was up nearly 1% in the opening trade, hitting a record high of around $351.73 while NVDA stock was marginally in the red.

iPhone Duo Demand Robust

The $1,999 iPhone Duo drew strong initial demand across major markets, with estimated delivery dates stretching into late January shortly after pre-orders opened last week. The device drew shoppers across major markets, including Singapore, Shanghai and London. 

Apple described the pre-order response as “nothing short of extraordinary” as demand exceeded initially available supply.

The smartphone maker limited pre-orders to two devices per customer, while walk-in availability varied by market. In China, France, Hong Kong, India and Japan, purchases were restricted to customers who had ordered online.

Apple Pushes Back On Production Concerns

Greg Joswiak, Apple's Senior Vice President of Worldwide Marketing, told CNBC that pre-orders were off the charts, while also pushing back on reports that production problems were responsible for the extended delivery waits.

Joswiak said Apple was undergoing a normal production ramp and manufacturing the phones as quickly as possible.

According to CNBC, Morgan Stanley's latest supply-chain checks point to Apple producing approximately 6.5 million Duo units in the second half of this year, a relatively limited volume compared with its conventional premium iPhones like the iPhone 18 Pro and iPhone 18 Pro Max.

However, the Duo's starting price of nearly $2,000, rising to $3,199 for the highest-storage model, gives Apple an opportunity to generate substantial revenue from a smaller number of units.

IDC Sees Apple Leading Foldable Market By 2027

The International Data Corporation (IDC) expects Apple to capture 44% of global foldable smartphone market value and 31% of unit sales in 2026. 

The research firm forecasts Apple will become the market leader in both value and shipments by 2027, as its entry brings the format to a broader audience. IDC Vice President Francisco Jeronimo told Reuters, “Apple has made a convincing case for this form factor,”.

The broader foldable category remains relatively small. IDC estimates foldables will represent 2.2% of global smartphone shipments in 2026 but account for 6.9% of market revenue, reflecting their premium pricing.

December Quarter Outlook Takes Center Stage

iPhone sales accounted for nearly 50% of Apple's total revenue in the fiscal third (Q3) quarter, contributing $54.25 billion of the company's $109.42 billion in sales. Over the past three years, quarterly iPhone revenue has largely remained between $40 billion and $57 billion, barring holiday-season (Q4) spikes.

Apple is scheduled to report Q4 results on November 2, when investors will be watching management's December-quarter outlook for early indications of the Duo's contribution to holiday sales.

Since the October 23 launch falls after the fiscal fourth quarter ended, the upcoming results will not include Duo sales.

On Stocktwits, retail investors’ sentiment around AAPL stock flipped to ‘bullish’ from ‘bearish’ territory over the past day, amid ‘high’ levels of message volume. 

Apple shares have gained more than 29% year-to-date, making it the best-performing Magnificent Seven stock by a wide margin. The Technology Select Sector SPDR Fund (XLK) and Vanguard Information Technology ETF (VGT), both of which hold Apple, have risen more than 26% and 24%, respectively, over the same period.

See Also: WDC's Pricing-Driven Earnings Beat Divides Wall Street — Analysts Warn Rising Capex, Potential Supply Increases Could Pressure Valuations

For updates and corrections, email newsroom[at]stocktwits[dot]com.<