Apple surpasses Nvidia in market cap to take lead
AAPL•AAPL•AAPL•AAPL•Apple shares rose more than 6%, lifting its market capitalization to $5.12 trillion, ahead of Nvidia’s $4.87 trillion. The move came as US stocks rallied on Wednesday.
Apple’s shares rose more than 6% on Wednesday, putting its market capitalization ahead of Nvidia’s and making it the most valuable company. Apple’s market cap was last at $5.12 trillion, compared with Nvidia’s $4.87 trillion. The article said shares of Apple and other tech-related companies rallied after Democrats won both chambers of Congress in Tuesday’s midterm elections, with some market watchers citing optimism over a potential end to the US-Israeli conflict with Iran, among other factors.
Apple also overtook Nvidia in late July and took the lead again late last week as chip stocks sold off. Apple shares had dropped earlier this week after the company warned that rising memory-chip costs would pressure gross margin in the holiday quarter.
