Apple tops Nvidia and what history says about the tech selloff

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Stocks fell on October 23, 2026, as the selloff spread beyond tech and American Express dragged the Dow after announcing it will cut 5% of its workforce. Apple and Nvidia traded places as the world's most valuable company, while Alphabet and Meta led the week's losses and defensive stocks led the market. Rainmaker Securities' Greg Martin explains why the IPO market is waiting on Anthropic, and Neuberger's Dan Flax makes the case for Big Tech's AI spending. Strategist Jim Paulsen warns that complacency about tech could be the market's biggest risk. Plus Morningstar's Matthew Dolgin on Musk's reported Skydance stake, Netflix and GTA 6, Placer.ai on early holiday shopping, Carbone Fine Food CEO Eric Skae, and what to watch from the Fed, Alphabet, Microsoft and Amazon. Market Domination, Market Domination Overtime and Asking for a Trend are live weekdays 3-5pm ET with Yahoo Finance Host Josh Lipton. 00:00 Rainmaker's Greg Martin: The IPO market waits on Anthropic 01:28 The midterms and the IPO window 02:12 Why IPOs may wait until after the election 08:12 Neuberger's Dan Flax on Big Tech's AI spending 09:37 Meta's $825 billion in commitments 11:21 Alphabet's cloud and TPUs 12:17 Reinventing search 12:39 Apple tops Nvidia 14:08 Is Nvidia still a growth story? 15:34 Anthropic or OpenAI? 16:17 Out Here: Tribeca 20:29 Closing bell: AmEx layoffs drag the Dow 20:47 Apple and Nvidia trade places 21:05 Alphabet and Meta lead the week's losses 21:49 Defensive sectors lead 22:08 Chip stoc