Can Apple Overtake NVIDIA as the World's Most Valuable Company?

Can Apple Overtake NVIDIA as the World's Most Valuable Company? Apple's market cap has climbed to about $4.98 trillion, closing in on NVIDIA's roughly $5.50 trillion valuation amid a strong iPhone launch. NVIDIA's stock has stalled since May due to investor caution over AI spending sustainability, export risks, and margins, despite still-strong underlying growth. NVIDIA's revenue is growing more than 80% annually versus Apple's 14%, suggesting any Apple overtake in market cap could prove short-lived. For most of the past two years, NVIDIA Corporation NASDAQ: NVDA has stood at the summit of the stock market. As the chipmaker whose processors power much of the artificial intelligence boom, it was perhaps no surprise that it became the first company ever to reach a $5 trillion market cap. After first hitting that record in October 2025, it has spent much of 2026 comfortably above the mark. Apple Today AAPL Apple $341.79 +2.81 (+0.83%) As of 10:50 AM Eastern Yet its perch has not gone unchallenged. In July of this past summer, Apple Inc. NASDAQ: AAPL briefly leapfrogged it, closing in on the $5 trillion milestone before NVIDIA reclaimed the top spot. Now, the iPhone maker is closing the gap once more. Its shares are up about 6% since the first week of September to roughly $4.98 trillion, while NVIDIA, down about 1.6% over the same stretch, has stalled at around $5.50 trillion. Given how the two have diverged lately, a continued rally in Apple, paired with more of NVIDIA's recent drift, could mean the gap closes within a matter of weeks. The most likely fuel would be further evidence that the new iPhones are flying off the shelves. If demand for the latest premium models proves as strong as the early indicators suggest, and the foldable carves out a lucrative new niche, the rally should have the legs to keep going. Investors won't have to wait long for a read on that, with Apple's next earnings report due at the end of October and set to reveal whether the early enthusiasm is showin...