Apple has edged past Nvidia to become the world’s most valuable publicly traded company. The gap between the two tech giants now sits at roughly $20 billion, with Apple’s market capitalization leading. The shift comes as investor enthusiasm for Apple’s iPhone lineup and upcoming earnings reports outpaces the recent AI-driven surge that had lifted Nvidia.
What drove the change
Apple’s stock has been on a steady climb, fueled by strong demand for its latest iPhones and optimism about the company’s services revenue. Analysts point to a resilient consumer electronics market and Apple’s ability to maintain pricing power even as inflation pressures ease. Nvidia, meanwhile, had been riding a wave of AI chip demand, but its shares have cooled in recent weeks as some investors take profits and question whether the AI boom can sustain its breakneck pace.
The $20 billion gap
The valuation difference is relatively narrow by historical standards. Apple’s lead over Nvidia is about $20 billion, a margin that could flip again quickly if either company’s stock moves sharply. Nvidia’s market cap remains above $3 trillion, a level it reached only this year. Apple’s market cap has hovered around $3.5 trillion for much of 2024.
What’s next for both companies
Apple’s next earnings report, expected in late July, will be a key test. Investors want to see if iPhone sales growth can continue amid competition from Samsung and Chinese brands. Nvidia’s quarterly results, due in August, will show whether its data-center chip sales are still accelerating. The two companies now trade places frequently at the top of the market-cap rankings, and the next earnings season could decide who holds the crown.
