Apple is once again within striking distance of Nvidia for the title of world's most valuable company, with the iPhone maker's market capitalization climbing to roughly $4.98 trillion against the chipmaker's $5.50 trillion as of Monday.
The gap narrows
Since the first week of September, Apple shares have risen about 6 percent while Nvidia has slipped 1.6 percent. The divergence extends further back: over the past year Apple has gained 32 percent versus Nvidia's 24 percent, and since early August the iPhone maker has added 11 percent against barely 1 percent for its rival.
What moved Apple
A September 9 product event introduced a new premium iPhone lineup and the company's first foldable device. Early demand indicators have been positive, and analysts have responded, TD Cowen set a $400 target this month.
Nvidia's stall
The chipmaker's business continues to expand rapidly, with revenue growing more than 80 percent over the past year. But the stock has not reached a new all-time high since May as investors weigh how long the AI infrastructure boom can sustain its pace, alongside margin pressure and Chinese export restrictions.
The arithmetic
Apple would need an 11 percent advance from current levels to match Nvidia's valuation, a move it has already executed once since August. The next test arrives with Apple's earnings at the end of October, which will show whether early iPhone enthusiasm translates into revenue.
The growth gap
Nvidia's underlying expansion still dwarfs Apple's 14 percent revenue growth, and that gap explains why the chipmaker commands a higher multiple. For Apple to not only catch but hold the lead, it would need to sustain its rally against a competitor growing several times faster.