Apple Market Cap Rises 2.1%, Narrows Gap to Nvidia by $120 Billion
AAPL•Apple’s market capitalization climbed 2.1% to $2.95 trillion, narrowing the gap to Nvidia’s $3.07 trillion valuation to just $120 billion. The surge followed a 1.8% stock gain this week on stronger-than-expected June-quarter iPhone sales and accelerating services revenue growth.
1. Market Cap Race Narrows
Apple’s share price rose 2.1% over the past week, boosting its market capitalization to $2.95 trillion and trimming the lead held by Nvidia to $120 billion. Investor optimism around an unexpected uptick in June-quarter iPhone shipments and record services revenue has underpinned Apple’s rally, setting up a potential shift in the ranking of the largest U.S. company by market value.
