Apple Market Cap of $4.5T Narrows Gap to Nvidia by $190B
AAPL•Apple's market cap of $4.5 trillion has narrowed to within roughly $190 billion of Nvidia's $4.7 trillion after shares rose 5% on reports of an expanded iPhone lineup. The company heads into a July 30 earnings report after Q2 revenue rose 17% to $111.2 billion and iPhone sales climbed 22%.
1. Market Cap Gap Narrows
Apple's market capitalization reached about $4.5 trillion, reducing the gap with Nvidia to near $190 billion. Nvidia stands at roughly $4.7 trillion, placing Apple approximately 4% behind the chipmaker in size.
2. Drivers of Apple's Stock Rally
Shares of Apple climbed nearly 5% following reports that an expanded iPhone lineup is forthcoming. Concurrently, broader selling pressure in the semiconductor sector weighed on Nvidia's valuation.
3. Financial Performance and Outlook
In fiscal Q2, Apple reported revenue of $111.2 billion, up 17%, with iPhone sales jumping 22%. The company now eyes its July 30 earnings release as a key catalyst, leveraging lower AI capital expenditures to bolster profitability.
