Apple and Nvidia have traded the top market-cap spot multiple times in July, with valuations fluctuating between $4.77 trillion and $4.95 trillion.
Apple Inc. (AAPL) and NVIDIA Corporation (NVDA) have exchanged the title of the world’s most valuable company three times in the past two weeks. Apple reclaimed the top spot on July 27 at $4.95 trillion after Nvidia’s 5% drop pulled its valuation to $4.77 trillion. Nvidia had briefly surpassed Apple earlier in the month, with both firms nearing the $5 trillion milestone.
Apple reported fiscal third-quarter revenue of $109.42 billion, up 16.4% year-over-year, driven by record iPhone sales of $54.25 billion and strong Mac demand. Despite beating estimates, shares fell 7% to 8% in extended trading after guidance for the current quarter disappointed, forecasting revenue growth of 9% to 11%, below Wall Street’s 12% expectation. Gross margin guidance also declined to 47%-48% from 50.1%.
CEO Tim Cook attributed the margin pressure to rising memory costs and a chipmaking capacity shortage, calling the memory crunch a “hundred-year flood.” The market reaction underscored investor sensitivity to forward-looking guidance, even amid strong earnings performance.