Nvidia and Apple in Tight Market Cap Battle as Q3 Nears
Nvidia and Apple are in a close race to hold the largest market capitalization by the end of Q3. Nvidia's revenue hit $96.22 billion, up 105.85% year over year, thanks to its Data Center segment growing 138%. Apple's June quarter revenue reached $109.42 billion, up 16.36%, with iPhone sales driving growth.
Nvidia is leaning into the AI buildout, guiding fiscal 2028 growth of approximately 70%, while Apple is playing a wider hand with its ecosystem. The installed base is at all-time highs, but memory pricing is squeezing Apple's margins, which are expected to be between 47% and 48% in Q3.
Nvidia's $108 billion Q3 target assumes zero China Data Center compute revenue and sufficient Vera Rubin supply to hit the ramp. Apple heads into the holiday season with iPhone 17, Mac, and iPad all supply-constrained. The market will watch whether memory inflation pushes Apple's product margins down faster than Services can absorb.