Nvidia Lost Its Top Spot to Apple. What Does History Tell Us About No. 1 Stocks?

Morningstar · Dan Lefkovitz · 2026-11-05 11:00 UTC

An examination of 100 years of US stock market history to put Nvidia's current domination in context

Some market champions reigned for decades, others for days.

A funny thing happened in October. Thanks to a brutal selloff in artificial intelligence stocks to close the month, Nvidia NVDA lost its spot as the largest stock in the Morningstar US Total Market Index to Apple AAPL. This ends a monthslong streak at number one for Nvidia. Apple, a consumer electronics business that’s far from the center of the AI story, has reclaimed a position it has held at several points in recent years.

Does this mark a turning point? Only time will tell whether Nvidia is experiencing a temporary speed bump or if AI-centric market dynamics are shifting.

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