Apple Hits Record Highs as NVIDIA's Valuation Falters

Apple's stock has reached a fresh all-time high of nearly $345 intraday on September 21, 2026, settling near $339.

NVIDIA, meanwhile, trades near record levels despite its forward valuation multiple compressing sharply from earlier this year.

A key factor driving Apple's rally is renewed confidence in its hardware and services ecosystem, with strong demand for the latest iPhone models, particularly the iPhone 18 Pro and the upcoming foldable iPhone Duo, extending delivery times and lifting upgrade-cycle expectations.

The stock has climbed more than 36% over the trailing 12 months, according to TradingView data, pushing its market cap above $5 trillion. Improvements to on-device Siri AI and a smooth CEO transition have further reassured investors that Apple can monetize artificial intelligence without massive capital spending required by hyperscalers.

NVIDIA's fundamentals remain exceptional, with recent quarterly revenue exceeding $96 billion, up more than 100% year over year, driven by data-center sales. However, its forward price-to-earnings ratio has fallen sharply from levels above 25x earlier this year, even as shares trade near record territory.

This de-rating has occurred despite NVIDIA's strong growth rate and robust earnings power today. The divergence highlights two different investor mindsets at work: Apple is being rewarded for steady, high-quality growth and capital discipline, while NVIDIA is being scrutinized for whether its extraordinary growth rate can hold.