Apple Inc. has overtaken Nvidia Corp. to become the world's most valuable company, marking the first time since April 2025 that an AI chipmaker has not held the top position. Apple is now valued near $4.87 trillion, while Nvidia sits just behind at roughly $4.80 trillion after sliding more than 4% on Friday. The shift in rankings highlights a significant reversal in fortunes for the two tech giants over the past two months.

Nvidia's market capitalization peaked at $5.7 trillion on May 14 but has since shed roughly $900 billion. In contrast, Apple added more than $500 billion over the same period, climbing from about $4.35 trillion in mid-May. Just two months ago, Nvidia was worth $1.35 trillion more than Apple, underscoring the rapid pace of the recent valuation changes.

Market Capitalization Comparison

Upcoming Earnings

Investors will be closely watching the upcoming earnings reports from both companies. Apple is scheduled to report its fiscal third-quarter results on July 30. The company's second-quarter revenue rose 17% to $111.2 billion, driven by a 22% jump in iPhone sales. Nvidia will report its Q2 results in late August, which could provide further insight into whether the recent market cap shift is sustained.

Apple Inc. stock was little changed in Friday's premarket trading as investors trimmed exposure to large-cap technology stocks. Nasdaq futures were down 1.64%, while S&P 500 futures fell 0.79%, weighing on the broader tech sector. Apple's modest decline appeared to reflect broader risk-off sentiment rather than company-specific news, with the stock trading near the upper end of its 52-week range.

Product Launches and Pricing

Apple is preparing to launch its first OLED-equipped iPad mini as early as October, while refreshed entry-level iPad and iPad Air models are planned for 2027, Bloomberg reported. The OLED display could lead to a higher price for the iPad mini, following Apple's recent price increases across its iPad lineup driven by higher memory chip costs.

Technical Analysis

Apple continues to trade in a strong long-term uptrend. The stock sits 9.7% above its 20-day simple moving average of $303.63 and 21.6% above its 200-day simple moving average of $273.82. However, momentum is becoming stretched, with the relative strength index at 71.86, above the 70 level that often signals overbought conditions.

The technical trend remains constructive, with the 20-day simple moving average above the 50-day average and a golden cross formed in September 2025 still intact. A key support level is around $287.50, close to the 100-day exponential moving average of $287.84.

Earnings and Valuation

Apple is scheduled to report fiscal third-quarter results on July 30. Wall Street expects earnings of $1.89 per share, up from $1.57 a year earlier, on revenue of $108.86 billion, compared with $94.04 billion in the prior-year quarter. The stock trades at 40.3 times earnings, reflecting a premium valuation. Analysts maintain a consensus Buy rating with an average price forecast of $322.74.

Recent research has been mixed. KeyBanc downgraded the stock to Underweight with a $250 price forecast on July 14, while Citigroup and Evercore ISI both reiterated bullish ratings with $365 price forecasts. According to Benzinga Edge, Apple scores strongly for Momentum (90.1) and Quality (98.39) but ranks poorly on Value (4.42).

Apple shares were down 0.19% at $332.61 during premarket trading on Friday.