Apple briefly overtook Nvidia on Friday to become the world’s most valuable publicly traded company, with the iPhone maker’s market capitalization climbing above its chipmaking rival during intraday trading.
At one point during the session, Apple’s market value reached roughly $5.13 trillion, compared with around $5.10 trillion for Nvidia, as AAPL traded higher while Nvidia shares moved lower. The positions continued to fluctuate during the day, however, underlining how quickly the ranking can change as share prices move. Live market-cap rankings later showed Nvidia back ahead of Apple.
The move comes just over a week after Apple closed above a $5 trillion market capitalization for the first time, marking another major milestone in a year that has seen the company’s valuation rise sharply.
Friday’s brief move into the number-one position also coincides with one of Apple’s biggest product launch days of the year. iPhone Duo is launching around the world today, bringing Apple’s first foldable iPhone to customers across more than 70 countries and regions. The $1,999 device is one of the company’s most significant new iPhone form factors in years.
The milestone also follows a busy run of product announcements. Earlier this month, Apple unveiled HomeView, HomePod mini 2, a new Apple TV 4K and the wider Apple Home Collection as part of its “Welcome home” product launch. Apple has also recently rolled out iPhone 18 Pro, Apple Watch Series 12, Apple Watch Ultra 4, AirPods 5 and its broader Siri AI strategy.
Individual share-price moves cannot be attributed to any one product or announcement, but Apple’s latest valuation milestone arrives during an unusually active product cycle and just days before the company is due to report its latest financial results. Apple will report fiscal fourth-quarter earnings on November 2, when investors will get a clearer view of demand for its latest products and the outlook for the holiday quarter.
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