Nvidia’s market cap now exceeds Apple’s by $1 trillion

Nvidia ↘ 0.06% now holds a market capitalization roughly $1 trillion larger than Apple's ↗ 0.22%, a gap that has opened with striking speed over the past two weeks as investors pour capital into AI infrastructure while punishing Apple for supply-chain headwinds.

A Two-Week Divergence

As of August 13, Nvidia's market cap stood at approximately $5.45 trillion, while Apple's sat near $4.45 trillion, according to market data trackers. The separation accelerated after Apple shares fell nearly 10% following the company's fiscal third-quarter report on July 30, when CEO Tim Cook warned of supply constraints stemming from the AI-driven data center boom straining global component availability. Nvidia, meanwhile, has gained steadily, with its stock closing at $225.30 on August 13 — just 4% below its all-time closing high of $235.47 set in May.ad-hoc-news+4

Only weeks earlier, the two companies were virtually neck-and-neck. Apple briefly touched a $5 trillion valuation on July 28, overtaking Nvidia to reclaim the title of most valuable public company. That lead lasted days before Apple's post-earnings collapse reversed the positions entirely.cnbc

AI Spending Fuels Nvidia's Premium

The divergence reflects how markets are repricing exposure to artificial intelligence infrastructure. Nvidia's Blackwell GPU platform has become critical to companies building large AI models, and GPU rental prices have surged, with emerging cloud provider Nebius reportedly auctioning Blackwell capacity at levels well above earlier pricing. Nvidia has indicated it has visibility into more than $1 trillion in cumulative revenue from its Blackwell and next-generation Rubin platforms through 2027.tekedia

Alphabet ↘ 0.12% and Amazon Amazon.com, Inc. ↘ 0.94% collectively plan to invest $420 billion on infrastructure heavily reliant on advanced GPUs, further underpinning Nvidia's growth outlook.ad-hoc-news

Earnings on Deck

The next major catalyst arrives on August 26, when Nvidia is scheduled to report fiscal second-quarter results. Analysts expect revenue of approximately $92 billion for the quarter, roughly double the year-ago period, with consensus earnings per share of $2.08. Forty-six analysts carry an average 12-month price target of $305.85, implying more than 35% upside from current levels. Whether the trillion-dollar gap holds may depend on whether Nvidia can match those expectations — or exceed them.ad-hoc-news