NEW YORK, July 20, 2026, 07:06 EDT – Apple has reduced Nvidia’s lead in market value by about $470 billion over five trading sessions.
- The regular session on Nasdaq had ended. Premarket trading had started ahead of the 09:30 EDT open.
- Apple rose 5.84% over the past week, while Nvidia declined 3.86%.
- Nvidia ended Friday on top, maintaining its lead after Apple temporarily overtook it.
Apple Inc. NASDAQ:AAPL narrowed Nvidia Corp.’s NASDAQ:NVDA valuation advantage substantially last week. Early estimates indicate the gap shrank by roughly $470 billion.
The action took place as operational growth failed to align. Nvidia reported an 85% increase in quarterly revenue. Apple’s revenue increased by 17%.
Apple temporarily overtook Nvidia on Friday as Nvidia shares dropped roughly 3.5%. Nvidia bounced back, ending the session with the higher market value.
Apple ended the session at $333.74, with Nvidia finishing at $202.81. Using a current share-count approach, their valuations stand at $4.915 trillion for Apple and $4.947 trillion for Nvidia.
The $32.1 billion difference amounts to 0.65% of Apple’s market capitalization. If Nvidia’s value remains steady, Apple would require a price of about $335.92 to surpass it.
| Metric | Apple | Nvidia |
|---|---|---|
| July 10 close | $315.32 | $210.96 |
| July 17 close | $333.74 | $202.81 |
| Five-session change | +5.84% | -3.86% |
| Estimated market value, July 10 | $4.643 trillion | $5.146 trillion |
| Estimated market value, July 17 | $4.915 trillion | $4.947 trillion |
| Latest quarterly revenue growth | 17% | 85% |
Preliminary market-value figures utilize current implied share counts matched to each closing price.
Five sessions ago, this approach showed Nvidia leading by about $502 billion. Apple gained approximately $271 billion in value. Nvidia fell by almost $199 billion.
Market-data providers report varying totals. Some services use alternative definitions for publicly traded shares.
The ranking alone offers limited insight for investors. “I don’t see any meaningful distinction,” said Benjamin Hall, vice president of alpha research at Segal Marco Advisors. Reuters
The data indicates investors favoured reduced capital expenditure. Reuters highlighted increasing trust in Apple’s services, ecosystem, and hardware as avenues for AI monetisation.
Apple reported revenue of $111.2 billion for the March quarter. Earnings per share grew by 22%, and operating cash flow topped $28 billion. The company approved an additional $100 billion for share buybacks.
Nvidia reported revenue of $81.6 billion in its most recent quarter. Data-center revenues surged 92%, and GAAP net profit totaled $58.3 billion.
Markets will gauge whether Friday’s shift persists in the coming days. U.S. futures edged up modestly early Monday following a tech-driven weekly decline. Investors await key tech earnings for fresh signals on AI investment.
No earnings are due from either company this week. Apple is set to release its next results on July 30, while Nvidia is scheduled for August 26.
Risks: Apple’s upcoming report may erase its gains should demand or margins fall short. Nvidia may extend its advantage if AI investments continue at a robust pace. Adjustments to share-count methodologies could also alter the rankings released.
The lead could shift once more on Monday. The previous week saw a $470 billion narrowing of the gap, which marked the biggest market movement.
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