苹果公司（Apple Inc.）周五重夺全球市值最高公司的头衔，从英伟达（Nvidia Corp.）手中接过这一桂冠。在投资者对人工智能支出感到担忧之际，他们寻求这家iPhone制造商所提供的、被视为安全的选择。
Inc. reclaimed the title of world’s most valuable company on Friday, taking the mantle from Nvidia Corp. as investors seek the perceived safety of the iPhone maker amid concerns about artificial intelligence spending.
苹果股价周五下跌1.2%，市值达到5.03万亿美元，而英伟达下跌4.2%，收盘市值为4.93万亿美元。这是自7月下旬苹果短暂超越英伟达以来，首次再度实现反超。
Shares of Apple fell 1.2% on Friday, resulting in a market capitalization of $5.03 trillion, while Nvidia sank 4.2% to close with a valuation of $4.93 trillion. This is the first time Apple has overtaken Nvidia since briefly doing so in late July.
周五的抛售潮出现之际，多家大型科技公司的业绩令人失望，包括英特尔（Intel Corp.）和亚马逊（Amazon.com Inc.），此前Alphabet Inc.和Meta Platforms Inc.等公司也发布了同样令人失望的财报。这些财报重新引发了人们对人工智能支出前景的担忧，而苹果在很大程度上避开了这一领域。
Friday’s selloff came as a number of major technology companies disappointed with their results, including Intel Corp. and Amazon.com Inc., which followed similarly disappointing reports from Alphabet Inc. and Meta Platforms Inc., among others. The reports renewed concerns about the outlook for AI spending, something Apple has largely foregone.
市场担心，在人工智能计算基础设施上的巨额支出不会带来回报，这使苹果成为今年“科技七巨头”中表现迄今为止最好的公司——苹果一直控制着资本支出。其股价在2026年上涨了27%，是排名第二的英伟达涨幅的两倍多，而英伟达是人工智能支出的关键受益者。
Fears that heavy spending on AI computing infrastructure won’t pay off have helped make Apple, which has kept a lid on capital expenditures, by far the best performing of the Magnificent Seven tech giants this year. Its shares are up 27% in 2026, more than twice the gain of second place Nvidia, which is a key beneficiary of AI spending.
这些支出规模如此之大，以至于Alphabet Inc.和亚马逊等公司的自由现金流已转为负值，迫使它们越来越多地转向债券市场融资。与此同时，利率上升正在推高借贷成本。
The outlays have gotten so large that companies like Alphabet Inc. and Amazon.com Inc. have seen their free cash flow turn negative, forcing them to increasingly turn to debt markets for funding. Meanwhile, rising interest rates are raising the cost of borrowing.
相比之下，苹果预计在截至9月30日的2026财年，其自由现金流将增长38%，达到1420亿美元。
Apple, by contrast, is projected to see its free cash flow climb 38% to $142 billion in fiscal 2026, which ended on Sept. 30.
以科技股为主的纳斯达克100指数10月下跌6.7%，创下自2025年3月以来最差月度表现。提供人工智能计算服务的数据中心运营商CoreWeave Inc.和Nebius Group本月跌幅均超过30%。随着周五的暴跌，英特尔10月累计下跌超过45%，根据彭博社汇编的可追溯40多年的数据，这是其有史以来最大的单月跌幅。
The tech-heavy Nasdaq 100 Index fell 6.7% in October, its worst month since March 2025. CoreWeave Inc. and Nebius Group, data center owners that offer AI computing services, have dropped more than 30% this month. With Friday’s collapse, Intel lost more than 45% in October, its biggest ever one-month drop in data compiled by Bloomberg going back more than 40 years.