Apple’s market cap trails Nvidia’s by $190 billion (4%), with Apple at 37x forward earnings versus Nvidia’s 30x. Apple’s July 30 earnings report and rumored new iPhone lineup are key catalysts to close the gap, while Nvidia faces sentiment headwinds around rising AI spending costs.
As of early July, Apple’s market capitalization lags Nvidia’s by approximately $190 billion, representing a 4% difference. Apple’s shares trade at roughly 37 times forward earnings, compared with Nvidia’s 30 times, reflecting a premium valuation tied to more stable growth and lower cyclicality.
Apple will release its fiscal Q3 earnings on July 30, with investors watching service revenue growth and iPhone unit forecasts. Any upside surprise or stronger-than-expected guidance could narrow the market-cap gap, especially ahead of expectations for a refreshed iPhone lineup later this year.
Despite robust fundamentals and sustained data-center GPU demand, Nvidia is confronting investor caution over AI budget allocations. Elevated chip inventories and potential cutbacks in corporate AI spending have weighed on sentiment, tempering momentum despite solid quarterly results.
