Apple closing in on Nvidia as largest U.S. company by market cap

Colleen Cabili

Wed, July 8, 2026 astatine 8:09 AM CDT 2 min read

Apple was wrong astir $200 cardinal of overtaking Nvidia arsenic the largest U.S. institution by marketplace capitalization.

The spread betwixt the 2 companies stood astatine astir $190 cardinal connected Wednesday, oregon astir 4%, with Nvidia astatine astir $4.7 trillion successful marketplace capitalization and Apple trailing astatine astir $4.5 trillion. Reports of an expanded iPhone lineup sent Apple shares up astir 5% connected Wednesday, portion Nvidia banal fell arsenic selling unit swept done the broader spot sector.

Behind the shrinking disagreement are 2 countervailing storylines: Wall Street has grown little enthusiastic astir Nvidia, portion Apple has managed to clasp its crushed adjacent arsenic questions persist astir its AI absorption and the rising outgo of components. Nvidia has held the rubric of largest U.S. institution by marketplace headdress for implicit a year.

Analysts person been speedy to constituent retired that the unit connected spot stocks reflects a sentiment displacement alternatively than immoderate cardinal occupation astatine Nvidia — the cardinal interest being whether large unreality providers tin support absorbing the tremendous terms tag of expanding AI infrastructure. For its fiscal archetypal 4th of 2027, Nvidia posted $81.6 cardinal successful full gross — an 85% summation from a twelvemonth earlier — portion its information halfway conception acceptable a grounds astatine $75.2 billion.

Apple, by contrast, has a near-term company-specific catalyst. A July 30 net day gives Apple a factual near-term catalyst, and the institution heads into that study connected coagulated footing: its fiscal 2nd 4th saw gross ascent 17% to $111.2 billion, with iPhone income surging 22%.

Investors are besides treating Apple's comparatively little superior expenditure connected AI arsenic an advantage, with the bull lawsuit being that Apple tin payment from user AI without spending astatine the standard of unreality infrastructure companies, according to CNBC.