On Friday, during the first hours of trading, Apple briefly dethroned Nvidia as the world's most valuable company. The market capitalization of the Apple giant reached $4.92 trillion, compared to Nvidia's $4.86 trillion. However, by the start of the main session, Nvidia had regained its lead, narrowing the gap to minimal levels.
AAPL shares rose by 1.76%, hitting an all-time high of $333.26, while NVDA shares fell by 2.40% to $207.40. This battle for the top spot has been the most intense since the start of the year.
Change of Leader: Apple vs. Nvidia
The Barchart platform recorded this brief moment of leadership change. Later, Nvidia surged ahead again, with its market capitalization reaching $5.02 trillion compared to Apple's $4.89 trillion. The difference between the companies remained minimal — about $130 billion.
The dynamics for both companies are opposite. AAPL shares have gained over 7% in the past week, while NVDA has lost nearly 4% over the month due to constant profit-taking by investors. This is especially noticeable on the Nasdaq 100 heat map: Apple is one of the few mega-cap companies in the green zone, while the entire chip sector is under pressure. Alphabet fell by 4.44%, Broadcom by 5.03%, and AMD by 5.33%, intensifying the sell-off in AI company stocks that began in early July.
Different Growth Drivers
Apple is betting on high demand for the iPhone 17 and record performance from its services division, which brought in $30.98 billion last quarter. Shares already hit an all-time high in early July amid a shortage of AI memory, as buyers shifted to the premium segment.
For Nvidia, growth rates continue to accelerate. The company's quarterly revenue was $81.6 billion — 85.2% higher than a year ago. The data center segment grew by 199%, as major players ramp up capacity for artificial intelligence. There are no signs of declining demand in the fundamentals. The Blackwell 300 platform continues to gain momentum, and TSMC raised its forecast, indicating a steady flow of orders for AI chips. Investors are taking profits after historic growth, despite NVDA's business accelerating.
Apple's July 30 Report Could Decide the Outcome
The next trigger for the market is Apple. The company releases its report on July 30, while Nvidia's is not until August 26. Until then, Apple will have a month to shape the news narrative, while Nvidia will remain under the influence of general market sentiment.
Analysts will focus on service growth, revenue from China, and early signals about the iPhone 18. Last quarter, revenue in the region was $25.53 billion, and on Polymarket, the probability of an iPhone 18 announcement this year is estimated at 96%.
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% — much higher than Apple's approximately 49%.
Apple's multiple is closer to 32. This premium is explained by a streak of eight quarters of earnings per share growth, a new $100 billion buyback, and a $30 billion deal with Broadcom that strengthens the company's position in the chip segment.
The situation among the leaders following Apple and Nvidia is also changing rapidly: Micron's market cap growth in June confirmed this. Meanwhile, the gap between the third-place company, Alphabet, and the leaders is more than one and a half trillion dollars.
Apple Shows Confident Growth Above $315
On the daily chart, Apple shares hit all-time highs on Thursday and Friday — the latest peak was recorded at $334.68. The price has been rising almost without pause since late June.
On Thursday, Apple broke through the important resistance level of $315. This level had capped growth in May and mid-July, and now it could become support during potential pullbacks. The upward movement began after a bounce from the $275-280 zone on June 26. This range had acted as resistance since February, and the successful test gave bulls confidence for a new wave of growth.
The movement is supported by momentum. The daily RSI has risen above 70, indicating a clear predominance of bulls, although such high levels could signal a possible local correction.
Whether Apple's leadership will hold will become clear after the July 30 report. Strong results in the Services and China segments could solidify its success. But if weaknesses emerge, Nvidia will have a chance to surge ahead again before its August report.
My analysis: The current battle for leadership is not just a change in ranking positions but a reflection of a fundamental shift. Apple wins through stability and diversification, while Nvidia wins through explosive growth in AI. Investors should closely watch Apple's July 30 report: if it disappoints, Nvidia could not only reclaim the lead but also pull significantly ahead.