Apple is within roughly $200 billion of overtaking Nvidia as the largest U.S. company by market capitalization, according to MarketWatch, citing Dow Jones Market Data.
The gap between the two companies stood at roughly $190 billion, or about 4%, with Nvidia at approximately $4.7 trillion in market capitalization and Apple trailing at around $4.5 trillion
Reports of an expanded iPhone lineup sent Apple shares up nearly 5%, whereas Nvidia fell as selling pressure swept through the broader chip sector. Behind the shrinking divide are two countervailing storylines: Wall Street has grown less enthusiastic about Nvidia, while Apple has managed to hold its ground even as questions persist about its AI direction and the rising cost of components. Nvidia has held the title of largest U.S. company by market cap for over a year.
Analysts have been quick to point out that the pressure on chip stocks reflects a sentiment shift rather than any fundamental problem at Nvidia — the central worry being whether major cloud providers can keep absorbing the enormous price tag of expanding AI infrastructure, according to The Motley Fool. For its fiscal first quarter of 2027, Nvidia posted $81.6 billion in total revenue — an 85% increase from a year earlier — while its data center segment set a record at $75.2 billion. Apple, by contrast, has a near-term company-specific catalyst.