Apple just dethroned Nvidia as No. 1

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Before The Bell

Change over the last 24 hours · as of Nov 2, 2026, 6:08 AM ET

Apple overtakes Nvidia as world's most valuable firm LINK

• Apple reclaimed its spot as the world's most valuable public company on Friday, closing at a $5.03 trillion market value and narrowly overtaking Nvidia at $4.93 trillion as investors soured on heavy AI spending.
• The switch came as a 4.2% drop in Nvidia outpaced Apple's 1.2% dip, part of a broader tech retreat after Intel and Amazon updates deepened worries over near-term returns on record AI infrastructure outlays.
• Apple's lighter spending made it a haven within the Magnificent Seven, up 27% this year, while rivals burn cash: Amazon posted negative free cash flow of $42.4 billion over the past twelve months as infrastructure deployment accelerated.

🇰🇵 FBI blames North Korea for $6B Binance hack LINK

• The FBI has confirmed that North Korean hackers, a group it calls "TraderTraitor," were behind last week's theft of more than $6 billion from Binance, the world's largest crypto exchange.
• The thieves are already laundering the money, moving over $500 million on the Tron network through more than 1,000 addresses before shifting funds across chains like Ethereum, Bitcoin and Solana; stablecoin issuer Circle has frozen a chunk of the stolen USDC.
• Binance says it has raised $6 billion from its treasury and emergency funds to cover the losses and will absorb the hit rather than pass it to users; as withdrawals reopened, net outflows came to roughly 2.1% of its reserves.

S&P cuts Meta outlook to negative on AI spending LINK

• S&P Global Ratings cut its credit outlook on Meta to negative on Friday, warning that the company's heavy spending on artificial intelligence is straining its balance sheet.
• S&P said Meta's ability to turn its AI investments into revenue looks "more limited" than that of rivals, with no clear timeline for when the payoff will exceed the rising costs.
• The move landed as investors question whether Big Tech's AI outlays will pay off, with the Nasdaq 100 falling 3.5% on Friday, briefly touching a 10% technical correction amid disappointing tech earnings.

OpenAI cuts funding target by $10B amid AI jitters LINK

• OpenAI has lowered the target for its current funding round by $10 billion to $20 billion, while also cutting the valuation it is seeking, as investors grow wary of the AI market, the Financial Times reported.
• The company has so far secured about $11 billion in commitments, less than half its original goal, after some large investors showed what one report called "tepid interest," and it now plans to court family offices and wealthy individuals to close the gap.
• The retreat came as the tech-heavy Nasdaq 100 fell 3.5% on Friday in an AI-share selloff, with the broader Nasdaq having shed more than $1.2 trillion in value since early October on doubts over whether AI spending will pay off.

CD&R in talks for $40B Global Payments buyout LINK

• Buyout firm CD&R has teamed up with private equity group GTCR, Global Payments' largest shareholder, on a joint bid for the card processor, which carries an enterprise value of about $40 billion, the Financial Times reported on Friday.
• A leveraged buyout at that size would rank among the largest ever; the target currently has a $23 billion stock-market value plus $17 billion of net debt, with shares near their lowest level in a decade after investors panned its 2025 purchase of Worldpay.
• William Blair told clients a deal looks plausible given the widening gap between public and private valuations, and could trigger another wave of mergers that leaves the market without publicly traded traditional FinTechs; talks are ongoing and may not produce a deal.

Macro News

• Goldman expects a second Bank of England rate hike in February. LINK
• BOJ signaled a December rate hike to 1.5%, with further tightening uncertain. LINK
• Fed officials say rates must rise further, differing on the pace. LINK
• Gold remains near a one-year low as Fed hike bets curb demand. LINK
• French borrowing costs held steady despite Fitch turning its outlook negative. LINK
• Tesla and Samsung oppose US tariffs on Vietnamese goods amid trade probe. LINK
• US and Russia discussed restoring Russian gas flows to Europe through Ukraine. LINK
• German gas storage missed its target as an early cold snap approaches. LINK
• Hong Kong expands tokenized settlement trials, preparing regulated stablecoins for inclusion. LINK
• Fifty companies now oppose a tokenized share trading venue, including Nvidia. LINK
• South Korea surveys banks' and brokerages' crypto exposure for the first time. LINK

Corporate News

• OPay postponed its NYSE debut amid an unnamed regulator's ongoing inquiry. LINK
• BP raised $6 billion selling a majority stake in Castrol to reduce debt. LINK
• UK watchdog investigates Meta's use of publishers' content and market power. LINK
• Nvidia considers credit guarantees for Nscale's Anthropic data center financing. LINK
• Re:Build raised $2.1 billion to expand manufacturing and launch industrial startups. LINK
• Reddit shares plunged, blaming Google's AI summaries for shrinking its US audience. LINK
• Apollo launches European private credit platform with €10 billion lending firepower. LINK
• Affle agreed to buy Perion in a $420 million all-cash deal. LINK
• Alstom expects €1.5 billion cash outflow, sharply cutting its profit margin outlook. LINK
• Reliance shares jumped nearly 8% after strong quarterly earnings. LINK

Stocks

▲ Biggest winners

FedEx Freight Holding Company rose 15% after forecasting fourth-quarter profit above analysts' estimates. LINK

Regeneron Pharmaceuticals rose 13% after reporting Q3 2026 non-GAAP EPS of $20.07, beating estimates by $4.01. LINK

BrightSpring Health Services rose 11% after Q3 revenue of $4.213 billion beat estimates and full-year guidance was raised. LINK

▼ Biggest losers

Reddit fell 29% after fourth-quarter revenue and EBITDA guidance missed Wall Street estimates. LINK

Intel fell 29% after fourth-quarter revenue guidance of $15.0 billion-$16.0 billion missed analyst expectations of $17.02 billion. LINK

Illumina fell 19% after Q3 revenue of $1.13 billion missed the $1.15 billion consensus. LINK

Research & Reports

• Midterms may shape 2028 US data center expansion as the 2027 boom proceeds. LINK
• Hedge funds erased 2025 AI stock purchases through five days of selling. LINK
• Magnificent Seven debt climbed 45% to $578 billion as AI investment accelerates. LINK
• Deutsche Bank warns AI stock selling could weaken the dollar's safe-haven role. LINK
• US private credit funds owed banks $349 billion at the end of 2025. LINK
• Fed research finds dealer financing persists long after bonds are sold. LINK

Market Calendar

Earnings  ·  Economic events