Nvidia Surges to Pass Apple in Market Cap

By Douglas A. McIntyre Published Oct 15, 6:45AM EDT

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Nvidia Surges to Pass Apple in Market Cap — © Angela Kotsell / Shutterstock.com

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Nvidia Corp. (NASDAQ: NVDA | NVDA Price Prediction) is poised to overtake Apple Inc. (NASDAQ: AAPL) in market cap.
That is because Nvidia’s stock price is surging but Apple’s is not.
Also: Discover the Next Nvidia.

Nvidia Corp.’s (NASDAQ: NVDA) market cap reached $3.39 trillion, just shy of Apple Inc.’s (NASDAQ: AAPL) $3.52 trillion value. Nvidia’s stock price is surging. Apple’s is not. So far this year, Nvidia’s shares are up 178%. Apple’s are up 20%, about the same as the S&P 500. A large part of Nvidia’s increase has been in the past five weeks.

“Analysts expect spending to build out AI data centers will help Nvidia’s annual revenue more than double to nearly $126 billion, according to LSEG data,” Reuters reported. Much of this is because of demand for the company’s flagship product, the Blackwell. Investors worried about delays in production until recently when CEO Jensen Huang said the chip was in “full production” and that demand for Blackwell “is insane.” In Nvidia’s most recent quarter, revenue rose 120% year over year to $30 billion. Earnings rose 169% on the same basis to $0.67 a share.

Apple, on the other hand, has struggled. There are reports that its iPhone 16 launch has not gone well. Jefferies analyst Edison Lee recently downgraded Apple from Buy to Hold. He wrote that high expectations for the iPhone were premature.

One major concern about the iPhone 16 launch is that it has yet to have all of the artificial intelligence features Apple has created for its premier products. Those will be released as part of iOS 18 later this month. Some buyers may be waiting until iOS 18 has launched to buy the iPhone 16.

Apple also needs to work on its newest product, the Vision Pro, which is lagging in sales. The Vision Pro costs almost $3,000. Widely followed Counterpoint Research reported that, in the second quarter, sales fell 80% from the prior quarter. Apple has yet to launch a new product in close to a decade. It still relies on the iPhone, iPad, Mac, and its services businesses.

Nvidia’s business is exploding. Apple’s is not.

Nvidia Price Prediction and Forecast

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.