Apple briefly overtook Nvidia as the world’s most valuable company on Friday, touching $4.92 trillion against Nvidia’s $4.86 trillion in early trading. Nvidia later reclaimed the top spot, but the gap between the two has narrowed sharply.
Apple (AAPL) climbed 1.76% to a record $333.26, while Nvidia (NVDA) fell 2.40% to $207.40. The race for the market’s crown now looks closer than at any point this year.
Apple Gains While the AI Trade Sells Off
Market tracker Barchart flagged the brief flip during Friday’s early hours session.
By regular trading, Nvidia had recovered the lead with a $5.02 trillion market cap against Apple’s $4.89 trillion. That leaves roughly $130 billion between them, a thin margin at this scale.
The momentum, however, points in opposite directions. AAPL has gained more than 7% over the past week, while NVDA has dropped nearly 4% over the past month on sustained profit-taking.
Friday’s Nasdaq 100 heat map makes the divergence visible. Apple stands out as one of the few green mega caps, while the chip complex bleeds. Alphabet lost 4.44%, Broadcom slid 5.03%, and AMD sank 5.33%, extending the AI compute stock selloff that began in early July.
The two giants also lean on different engines. Apple rides extraordinary iPhone 17 demand and a Services unit that reached an all-time high of $30.98 billion last quarter. The stock already set an Apple stock record earlier this month as the AI memory crunch pushed buyers upmarket.
Nvidia, in contrast, keeps posting hypergrowth. Its latest quarterly revenue hit $81.6 billion, up 85.2% year over year, according to a Yahoo Finance report. Data center networking alone grew 199% as hyperscalers race to build AI capacity.
Nothing in the fundamentals suggests that demand has cracked. The Blackwell 300 platform is still ramping, and TSMC’s raised guidance points to firm AI chip orders. Investors are simply taking profits after a historic run, compressing NVDA even as its business accelerates.
July 30 Earnings Could Decide the Most Valuable Company Race
The next catalyst belongs to Apple. The company reports earnings on July 30, while Nvidia stays silent until August 26. That leaves a month-long window where Apple controls the narrative, and Nvidia remains exposed to sentiment swings.
Analysts will watch Services growth, Greater China revenue, and any early iPhone 18 signals. Greater China surged to $25.53 billion last quarter, and Polymarket traders currently price 96% odds of an iPhone 18 launch this year.
Valuation frames the choice for investors. Nvidia trades near 22x forward earnings with a PEG ratio of 0.6 while guiding to $91 billion in quarterly revenue. Its gross margins sit near 75%, far above Apple’s roughly 49%.
Apple commands a forward multiple closer to 32x. The premium rests on eight straight EPS beats, a fresh $100 billion buyback, and a $30 billion Broadcom deal that deepens its silicon roadmap.
The leaderboard below Apple and Nvidia keeps shifting too, as Micron’s market cap climb showed in June. Still, the top two remain more than half a trillion dollars clear of third-placed Alphabet.
AAPL Price Analysis Shows Strength Above the $315 Breakout
The daily chart shows AAPL setting fresh all-time highs on Thursday and Friday, with the latest peak at $334.68. The price has advanced in a nearly unbroken run since late June.
On Thursday, AAPL cleared the important resistance at $315. That level capped the price through May and again in mid-July, and it may now act as support on any pullback.
The breakout follows a bounce off the $275 to $280 zone on June 26. That area had served as resistance since February, and its successful retest gave bulls the base for the current rally.
Momentum supports the move. The daily RSI has pushed back above 70, signaling strong bullish pressure, although readings this elevated can also precede short-term cooling.
Whether Apple can hold the crown may come down to the July 30 print. A strong Services and China showing could cement the flip, while any wobble would hand Nvidia room to stretch its lead again before its own August report.