A landmark event occurred at Friday's trading session opening: Apple's (AAPL) market capitalization briefly surpassed Nvidia's (NVDA), reaching $4.92 trillion against the competitor's $4.86 trillion. This is the first such instance since the start of the year, as the battle for the title of the world's most valuable company has intensified to the limit.
Apple shares surged 1.76%, hitting an all-time record of $333.26, while Nvidia's stock lost 2.40%, falling to $207.40. Although Nvidia reclaimed the lead by the main session with a capitalization of $5.02 trillion versus Apple's $4.89 trillion, the gap between the giants has narrowed to minimal levels — around $130 billion, which is less than 3% of their total value.
Opposite Dynamics: Apple on the Rise, Chip Sector Under Pressure
The key factor behind this surge is the divergent movement of the stocks. Over the past week, AAPL has gained more than 7%, while NVDA has lost nearly 4% over the month amid profit-taking by investors following a historic rally. The Nasdaq 100 heatmap clearly shows: Apple is one of the few mega-cap companies in the "green zone," while the entire chip sector is under pressure. Alphabet fell 4.44%, Broadcom dropped 5.03%, and AMD declined 5.33%, intensifying the broad sell-off in AI stocks that began in early July.
Fundamentally, the companies are betting on different growth drivers. Apple relies on strong demand for the iPhone 17 and record performance from its services division, which generated $30.98 billion last quarter. Buyers have shifted to the premium segment amid a shortage of AI memory, pushing the stock to new highs. Nvidia, meanwhile, continues to accelerate its growth pace: quarterly revenue reached $81.6 billion — 85.2% higher than a year ago, and the data center segment grew by 199%. The Blackwell 300 platform is gaining momentum, and TSMC raised its forecast, indicating a steady flow of orders for AI chips.
Apple's Report on July 30: A Key Moment for the Market
The next trigger is precisely Apple. The company releases its report on July 30, while Nvidia will present results only on August 26. This gives Apple a month to shape the information agenda, while Nvidia will remain influenced by overall market sentiment. Analysts will focus on services growth, revenue from China ($25.53 billion last quarter), and early signals about the iPhone 18 — Polymarket estimates a 96% probability of its announcement this year.
Company valuations shape investor choices. Nvidia trades at roughly 22 times forward annual earnings, with a PEG ratio of 0.6 and a target of $91 billion in quarterly revenue. Gross margin remains around 75% — significantly higher than Apple's approximate 49%. However, Apple commands a multiple closer to 32, justified by eight consecutive quarters of earnings per share growth, a new $100 billion buyback, and a $30 billion deal with Broadcom strengthening its position in the chip segment.
Technical Analysis: AAPL Confidently Breaks Through $315
On the daily chart, Apple shares updated all-time highs on Thursday and Friday, recording the latest peak at $334.68. The price has been rising almost without pause since late June. The key moment was breaking through the $315 resistance, which had capped growth in May and mid-July. This level could now become support during potential pullbacks. The upward move began after a bounce from the $275-280 zone on June 26 — a successful test of this range gave bulls confidence for a new wave of growth. The daily RSI has risen above 70, indicating a pronounced dominance of bulls, although such high levels may signal a possible local correction.
My expert opinion: The market situation resembles a classic battle between "value" and "growth." Apple wins through stability and its services ecosystem, but Nvidia remains the leader in growth rates and margins. Strong Apple results in the "Services" and "China" segments on July 30 could solidify its success, but if weaknesses emerge, Nvidia will have a chance to surge ahead again before its August report. Investors should closely watch these dates — they will determine the market's direction for the coming months.