In today's trading session, Apple briefly surpassed Nvidia in market capitalization, reclaiming the title of the world's most valuable publicly traded company, according to CNBC. Shares of Apple (AAPL) have surged about 20% since closing at $275.15 on June 25, pushing its valuation to nearly $5 trillion and driving the intraday price above $332. However, the two companies have since swapped positions multiple times during the session, with Nvidia occasionally retaking the lead.
Apple's stock rally driven by services and AI anticipation
The recent rally in Apple's stock has been fueled by steady growth in services revenue, including Apple Music and Apple One, which recently saw a 9% price increase raising the individual plan to $11.99. Additionally, investor confidence has been bolstered by expectations for AI integration into future iPhones and the launch of the Vision Pro headset. Although Apple has not yet unveiled a generative AI model on par with ChatGPT, its installed base of over 2 billion active devices provides a unique competitive advantage.
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Nvidia remains in the race thanks to AI chip demand
Nvidia, meanwhile, continues to benefit from explosive demand for AI chips, with a market cap hovering around $4.9 trillion. The company founded by Jensen Huang has seen its value more than double over the past year, driven by sales of data center GPUs. The slight dip today is attributed to profit-taking after a prolonged rally and rumors of a potential slowdown in orders from some hyperscalers.
The role of Saudi Aramco and the market cap battle
Technically, Saudi Aramco remains the world's most valuable company with a valuation exceeding $5.5 trillion, but it is often excluded from the comparison because it is state-controlled and not traded on Western exchanges. The tug-of-war between Apple and Nvidia for the top spot among publicly traded companies reflects a tectonic shift: Apple represents the integrated consumer ecosystem, while Nvidia embodies the AI infrastructure race. For investors, the choice boils down to stability versus growth potential: Apple offers reliable margins, while Nvidia promises exponential growth albeit with higher volatility.
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This development comes on the heels of Apple's recent subscription price hikes, as covered in our article. For more context on Apple's business strategy, refer to the Wikipedia entry on Apple.
Source: https://www.macrumors.com/2026/07/17/apple-passed-nvidia-most-valuable-company
