Nvidia (NVDA) vs Apple (AAPL)
NVIDIA traded at $208 on April 25, 2026, with market capitalization $5.06 trillion (world's most valuable company). Apple traded at $270.12 on April 24, with market capitalization $4.04 trillion (second largest).
Also known as: Nvidia (NVDA) (STK_NVDA, Nvidia) · Apple (AAPL) (STK_AAPL, Apple)
Why This Comparison Matters
NVIDIA traded at $208 on April 25, 2026, with market capitalization $5.06 trillion (world's most valuable company). Apple traded at $270.12 on April 24, with market capitalization $4.04 trillion (second largest). The NVDA/AAPL market cap ratio of 1.25x reflects NVDA's recent overtaking of AAPL as the largest US company, completed in Q4 2024. The pair captures the AI cycle's defining mega-cap rotation: AI infrastructure (NVIDIA selling GPUs to hyperscalers) versus consumer hardware (Apple selling iPhones to billions of consumers). NVDA gained 540 percent from November 2022 through April 2026; AAPL gained 75 percent. The 465 percentage point gap represents one of the largest mega-cap divergences in modern history.
NVDA and AAPL: The Top Two US Companies
NVIDIA at $5.06 trillion and Apple at $4.04 trillion together represent approximately 14 percent of the entire S&P 500 (NVDA 7.5 to 8 percent, AAPL 7.6 percent). The top-2 concentration is the highest in modern S&P 500 history. The two companies have very different fundamentals despite similar scale.
NVIDIA fiscal 2026 revenue was $215.9 billion; Apple Q1 fiscal 2026 record quarterly revenue was $143.8 billion (annualized run-rate approximately $440 billion). AAPL is roughly 2x larger by revenue but valued at 0.78x the market cap, reflecting markets pricing NVDA's rapid growth far above AAPL's steady cash flow. NVDA forward P/E approximately 35x; AAPL forward P/E approximately 32x. The valuation gap on growth is substantial: NVDA is priced for sustained 30+ percent revenue growth; AAPL is priced for low single-digit growth.
The Crossover: NVDA Overtakes AAPL
NVIDIA briefly overtook Apple as the world's most valuable company on June 18, 2024, the first time a chipmaker reached the top US position. The crossover lasted briefly before Apple recovered. NVIDIA again briefly led in early November 2024. The decisive move came in late November 2024 when NVIDIA reached $3.55 trillion versus Apple $3.50 trillion, then sustained the lead through 2025 to 2026.
The historic significance: from 2012 to 2024, Apple held the largest US market cap nearly continuously (interrupted briefly by Microsoft in early 2024). NVIDIA's rise displaced a 12-year Apple dominance. The gap has expanded from approximately $50 billion at the November 2024 crossover to $1.0 trillion in April 2026. Markets are pricing NVDA's AI infrastructure leadership through at least 2028; Apple's position as second-largest depends on iPhone cycle continuity and Apple Intelligence rollout success.
AI Infrastructure vs Consumer Hardware
NVIDIA sells AI accelerator GPUs primarily to five hyperscaler customers (Microsoft, Google, Meta, Amazon, Oracle) and a long tail of AI-specific enterprises and sovereign AI initiatives. Apple sells iPhones, Macs, iPads, Wearables, and Services to billions of consumers globally, with services revenue from a captive ecosystem.
The customer concentration difference is structural. NVIDIA's top 5 customers represent approximately 50 percent of data center revenue. Apple's largest single customer represents less than 0.5 percent of total revenue (consumers are atomized). The concentration produces different risk profiles: NVDA faces hyperscaler capex deceleration risk; AAPL faces broad consumer cycle risk plus Apple-specific brand risks. Markets currently price NVDA's concentrated risk at lower probability than AAPL's broad consumer risk; NVDA forward P/E premium reflects perceived earnings durability through the AI capex super-cycle.
Conditional Forward Response (Tail Events)
How Apple (AAPL) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in Nvidia (NVDA). Computed from 1,289 aligned daily observations ending .
Following these triggers, Apple (AAPL) rises 0.56% on average over the next 5 sessions, versus an unconditional baseline of +0.40%. 129 qualifying events; Apple (AAPL) closed positive in 57% of them.
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Frequently Asked Questions
Is NVDA bigger than Apple?+
Yes, by approximately $1 trillion in market cap. NVIDIA traded at $208 on April 25, 2026, with market capitalization $5.06 trillion (world's most valuable company). Apple traded at $270.12 on April 24, with market capitalization $4.04 trillion (second largest). The NVDA/AAPL ratio is 1.25x. NVIDIA briefly overtook Apple as the world's most valuable company on June 18, 2024 (the first chipmaker to reach the top US position). The decisive move came in late November 2024 when NVIDIA reached $3.55 trillion versus Apple $3.50 trillion, then sustained the lead through 2025 to 2026.
Why is NVDA more valuable than AAPL?+
Markets price NVDA's rapid growth far above AAPL's steady cash flow. NVIDIA fiscal 2026 revenue grew 65 percent year-on-year versus Apple's approximately 4 percent. NVDA forward growth expectations of 25 to 35 percent in fiscal 2027 versus AAPL 5 to 8 percent. AAPL is roughly 2x larger by revenue ($440 billion annualized vs NVDA $215.9 billion fiscal 2026) but valued at 0.78x the market cap, reflecting markets paying a substantial growth premium for NVDA. The valuation gap depends on whether NVDA growth durability is sustained: if NVDA fiscal 2028 growth holds above 20 percent, the premium is justified.
How much has NVDA outperformed AAPL?+
Substantially. From November 2022 through April 2026, NVDA gained approximately 540 percent. AAPL gained approximately 75 percent. The 465 percentage point gap is one of the largest mega-cap divergences in modern equity history. NVDA outperformed AAPL in 13 of 14 quarterly windows from Q4 2022 through Q1 2026. The NVDA/AAPL ratio expanded from 0.10 in November 2022 to 0.77 in April 2026, a 7.7x relative move. The current ratio is below the October 2025 peak of approximately 0.90.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.