Nvidia sheds $1 trillion market cap, Apple closes within $190 billion
NVDA•Nvidia has lost about $1 trillion in market cap since mid-May, with shares down 16% and valuation reverting to early-2019 levels as investors rotate into memory and storage stocks. Apple’s market cap has closed to within $190 billion of Nvidia’s $4.7 trillion valuation, reducing the gap to roughly 4%.
1. Market Cap Decline
Since peaking around May 14, Nvidia’s shares have fallen roughly 16%, wiping out about $1 trillion in market capitalization and bringing its value back to early 2019 levels.
2. Sector Rotation
Investors have shifted funds into memory and storage names, driving the Philadelphia Semiconductor Index up 74% this year, with Micron up 229% in 2026 and AMD and Intel posting double- or triple-digit gains.
3. Valuation Comparison
Nvidia’s forward P/E multiple has fallen to about 18×, below the S&P 500’s 20× and the Nasdaq 100’s 23×, making the chipmaker cheaper than roughly half of S&P components.
4. Apple’s Advance
Apple’s market cap has risen to about $4.5 trillion—just $190 billion shy of Nvidia’s $4.7 trillion—driven by reports of an expanded iPhone lineup and a solid second-quarter revenue gain of 17% to $111.2 billion.
