Jeff Kilburg argues that Apple is poised to overtake Nvidia as the world's largest company by market capitalization as technology investors return to consumer hardware. Kilburg argues that strong upcoming earnings may provide the catalyst. Apple's market value stood at $5.05 trillion on Friday. Nvidia's market value was $5.10 trillion.
Apple shares have gained 4% in October. Nvidia shares have declined 7% this month as concerns about financing for artificial intelligence weigh on the stock. Apple briefly moved ahead of Nvidia by market value in July before losing the lead.
The new iPhone Duo reaches stores on Friday, with customers queuing to buy the device. Excitement about the launch helped Apple shares reach a record high this week while the broader technology sector struggled. Kilburg says Apple ranks among the five largest holdings in Kilburg's Essential 40 ETF.
The iPhone Duo starts at $1,999, while the version with the most storage costs more than $3,000. The premium device contrasts with Apple's recent emphasis on cheaper models in international markets. Preorders became unavailable almost immediately after opening on October 16. Some estimated deliveries extend into January. Apple has reportedly increased production targets. Kilburg interprets the demand as evidence of a recovery in Apple's hardware business, especially among premium products.
Apple is scheduled to report earnings on November 2. Revenue expectations stand near $113 billion. Apple previously projected revenue growth of 9% to 11% from a year earlier. Kilburg plans to examine management's comments about iPhone demand. Kilburg argues that services could sustain Apple's momentum.
Apple's services business produced approximately $109 billion in revenue during fiscal 2025. Services represented roughly one-quarter of Apple's business. Services have gross margins near 75%. Hardware gross margins are approximately 37%. Services therefore generate over 40% of Apple's total gross profit despite representing a much smaller proportion of revenue.
Apple has recently been regarded primarily as a defensive investment offering quality growth, while Nvidia and other artificial intelligence stocks attracted investor attention. Kilburg argues that Apple leading the Magnificent Seven and approaching Nvidia's valuation may signal greater recognition of Apple's broader business strengths. Kilburg leaves open whether Apple can again become the stock that determines the wider market's direction. Kilburg says improving hardware demand and approaching earnings could make Apple the company investors watch most closely again.
Apple Poised to Overtake Nvidia as Top Market Cap Company
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Summary
Apple is set to potentially surpass Nvidia as the top market cap company, with the tech giant’s value at $5.05 trillion versus Nvidia’s $5.10 trillion. Strong demand for the new iPhone Duo, starting at $1,999, and upcoming earnings on November 2 are key factors. With revenue expected near $113 billion, traders are also keeping an eye on altcoins to watch and top altcoins for diversification amid major market shifts.
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