Apple Nears $5 Trillion Again as iPhone Push Closes Gap on Nvidia

Apple's market capitalization has climbed to roughly $4.98 trillion, putting it within striking distance of Nvidia's $5.50 trillion valuation and setting up a possible second changing of the guard at the top of the stock market.

The gap is now small enough, by the standards of companies this size, that another overtake in the coming weeks is a real possibility. Apple briefly leapfrogged Nvidia in July after closing in on the $5 trillion milestone, before Nvidia reclaimed the top spot.

Apple's shares have gained about 6% since the first week of September. Nvidia has slipped about 1.6% over the same stretch. The divergence extends further back: over the past 12 months, Apple stock has climbed around 32%, versus roughly 24% for Nvidia. Since early August, Apple has rallied approximately 11% while Nvidia has managed barely 1%.

A Clear Catalyst for Apple

Apple's recent uptrend has a concrete driver. Its Sept. 9 product launch, headlined by a new lineup of premium iPhones and the company's first-ever foldable model, generated both pre-release hype and post-release results. Early demand signals have been encouraging.

Analysts have continued to warm to the story. TD Cowen lifted its Apple price target to $400 this month.

Nvidia's Plateau Is About Nerves, Not the Business

Nvidia's stall looks less like a faltering business and more like investor caution. The chipmaker's growth remains phenomenal — revenue is expanding more than 80% annually, compared with about 14% for Apple.

But investors have grown wary of how long the frenzied AI-infrastructure spending can last. They are also weighing risks ranging from thinning margins to Chinese export restrictions. The result: Nvidia stock has not printed a fresh all-time high since May.

The Overtake May Not Stick

For most of the past two years, Nvidia has stood at the summit of the market. As the chipmaker whose processors power much of the artificial intelligence boom, it became the first company ever to reach a $5 trillion market capitalization. After first hitting that record in October 2025, it has spent much of 2026 comfortably above the mark.

That dominance is now under its most serious challenge since Apple's brief July lead. But the growth differential complicates the case for a durable Apple reign. With Nvidia's revenue growing more than 80% annually against Apple's 14%, any Apple overtake in market cap could prove short-lived.

The question is no longer whether Apple can catch Nvidia, but whether it can stay ahead once it does.