Nvidia Tops Apple as Most Valuable Company

By Douglas A. McIntyre Published Nov 6, 6:40AM EST

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Nvidia Tops Apple as Most Valuable Company — © Deagreez / iStock via Getty Images

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Nvidia Corp. (NASDAQ: NVDA | NVDA Price Prediction) has moved ahead of Apple Inc. (NASDAQ: AAPL) based on market capitalization.
This is a sign that people expect the artificial intelligence boom to continue.
Also: 2 Dividend Legends to Hold Forever.

After months of coming close, Nvidia Corp. (NASDAQ: NVDA) has moved ahead of Apple Inc. (NASDAQ: AAPL) based on market capitalization. Several sources confirm that the two companies have traded places at the top of the ladder.

Bloomberg puts Nvidia’s market cap at $3.43 trillion, versus Apple’s $3.38 trillion. The news service quoted Fall Ainina, director of research at James Investment Research, who said, “Nvidia overtaking Apple in market cap not only conveys that it is the biggest beneficiary of the AI infrastructure cycle, but it suggests people expect the AI boom will continue.”

Apple’s only significant product in the AI sector is the new Apple Intelligence features in iOS18. These features are more like personal assistants than the major AI enterprise features created by Amazon, Microsoft, Meta, and several privately held AI companies.

Apple has been the most valuable company for the majority of the past several years. It was the first company to pass the $1 trillion barrier in mid-2018. It topped $2 trillion in August 2020 and $3 trillion in early 2022.

Nvidia surged to the top spot as AI became the most significant tech advance since the creation of the internet. Its stock is up 880% in the past two years. Apple’s is higher by 61% over the same period, and the S&P 500 is up 53%.

Nvidia announces its quarterly figures on November 20. That may determine whether it stays ahead of Apple’s market value.

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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.