NVIDIA Losing Ground to Apple in Market Value

NVIDIA has held the top spot as the world's most valuable company for much of the past two years, but Apple is closing in. Since early August, Apple's shares have rallied around 11%, while NVIDIA's have barely moved.

Apple's latest product launch on September 9 generated significant hype and early demand signals are encouraging. Analysts have lifted their price targets, with some predicting a $400 valuation this month.

NVIDIA's plateau is less about its business faltering and more about investors becoming cautious about the sustainability of AI-infrastructure spending. Growth remains phenomenal, but margins are thinning and export restrictions loom.

For Apple to overtake NVIDIA, it would need to sustain its rally in the face of a rival still expanding several times quicker. The foldable market remains small, and aggressive pricing could deter buyers if enthusiasm fades or iPhone sales disappoint.