as indicated by his words, “We considered it to be.” Al-Hafiz said (11/257): “With the initial nūn read with the u-vowel, it means: ‘we supposed.’ It may also be read with the a-vowel, deriving from the word for opinion, meaning: ‘we believed.’”
I say: The latter is, in my view, the more likely meaning—indeed, the only correct one—because of what will follow of his and other Companions’ unequivocal affirmation of it. This is not contradicted by his words, “until ‘Competition in worldly increase diverts you’ was revealed,” for what he meant was: this abrogated that.
Now that you know this, here are the hadiths confirming what Ubayy’s hadith indicates: that the statement, “If the son of Adam had two valleys...” and so on, was Quranic text that was recited, then withdrawn and abrogated.
The first hadith: Ubayy ibn Ka'b reported that the Messenger of Allah, peace and blessings be upon him, said to him: “Allah commanded me to recite the Quran to you.” He then recited to him: “Those who disbelieved...,” and within it he recited: “Indeed, the religion is the upright faith of Islam—not Judaism, Christianity, or Zoroastrianism. Whoever does good will not have it rejected.” He also recited to him: “If the son of Adam had a valley of wealth, he would seek a second alongside it; and if he had a second, he would seek a third...” and so on. [He said: Then he completed it by reciting the remainder of it.]
2908 — “Allah commanded me to recite the Quran to you.” He then recited to him: “Those who disbelieved...,” and within it he recited: “Indeed, the religion is the upright faith of Islam—not Judaism, Christianity, or Zoroastrianism. Whoever does good will not have it rejected.” He also recited to him: “If the son of Adam had a valley of wealth, he would seek a second alongside it; and if he had a second, he would seek a third...” and so on. [He said: Then he completed it by reciting the remainder of it.]
It was recorded by al-Tirmidhi (9/400/3894), al-Hakim (2/224), al-Tayalisi (no. 539), Ahmad (5/131–132), Abdullah ibn Ahmad (5/132), and Abu Nu'aym in al-Hilyah (4/187), all through Shu'bah from Asim, who said: “I heard Zirr ibn Hubaysh narrating from Ubayy ibn Ka'b that the Messenger of Allah, peace and blessings be upon him, said to him...” and he related it. The addition is from Abdullah’s version. Al-Tirmidhi said: “A good, authentic hadith.” Ibn Kathir also endorsed it in his Exegesis. Al-Hakim said: