Apple Nears $4.9T Market Cap, Challenging Nvidia

According to market data on July 17 (Friday), Apple and Nvidia engaged in a close battle for the title of the world’s most valuable company, with Apple briefly overtaking Nvidia in market capitalization during the trading session.

Nvidia’s shares fell nearly 3% in early trading, pushing its market value down to around $4.84 trillion, while Apple’s market capitalization remained near $4.88 trillion. However, the two companies later saw their stock performances reverse, with Nvidia closing slightly ahead of Apple. Nvidia ended the day with a market capitalization of approximately $4.91 trillion, surpassing Apple’s $4.9 trillion valuation.

The market competition highlights the different growth paths taken by the two technology giants in 2026. Since the beginning of the year, Apple’s stock price has climbed nearly 23%, outperforming the broader market. Investors have responded positively to Apple’s artificial intelligence strategy and capital-efficient business model, especially as many companies are significantly increasing spending on AI infrastructure.

Apple’s shares recently reached a record high, with HSBC upgrading its rating on the company to “Buy,” citing Apple’s expanding AI capabilities and strong product pipeline. HSBC analysts said Apple is entering one of its most innovative product development phases, making the advancement of artificial intelligence technology particularly well-timed.

Meanwhile, Nvidia’s stock has gained about 9% this year and has entered a period of market consolidation. Investor attention has increasingly shifted toward memory chips and infrastructure components supporting large-scale AI data centers, benefiting companies such as Micron Technology and SanDisk.

Nvidia has maintained its position as the world’s largest company by market capitalization since surpassing Microsoft in June 2025. In October 2025, Nvidia became the first company to exceed a $5 trillion market valuation. During the same month, Apple’s market capitalization surpassed $4 trillion for the first time, driven by strong iPhone sales.

As AI continues to reshape the global technology landscape, the competition between Apple and Nvidia reflects two different approaches to growth: Nvidia’s dominance in AI computing infrastructure and Apple’s focus on integrating AI capabilities into its consumer ecosystem.