“We’re witnessing a clear shift,” said one market strategist, noting Apple’s return to the summit of market value after Nvidia’s recent stumble. Apple’s stock jumped 1.3% to $337.40 on Monday, just shy of a fresh record close. If it crosses $340.43, Apple’s market capitalization will hit an unprecedented $5 trillion for the first time.
This resurgence comes days before Apple’s fiscal Q3 earnings on July 30, which will also mark Tim Cook’s final call as CEO. Apple reclaimed its crown as the world’s most valuable public company, overtaking Nvidia, whose shares dropped nearly 5%, pulling its market value down to about $4.77 trillion. Apple’s market cap meanwhile edged close to $5 trillion, boosted by roughly 20% gains over the last month fueled by stronger iPhone sales and expanding services revenue.
Analysts have warmed up to Apple’s prospects. HSBC upgraded the stock to Buy with a $366 price target, describing the firm’s current position as an "operational turning point." HSBC highlighted Apple’s smart navigation around heavy data center investments that have weighed on other AI-focused firms, while leveraging its vast ecosystem of 2.5 billion active devices to advance its AI capabilities. The upgraded Siri and upcoming hardware launches, including the iPhone 18 Pro and foldable models, are seen as catalysts for sustained growth. Other big banks like Baird, Morgan Stanley, and Goldman Sachs also raised their targets.
Wall Street expects Apple’s Q3 earnings per share to rise 20.4% year-over-year to $1.89, with revenue climbing 16% to $109 billion, a report that will be closely watched for signs on AI adoption, device upgrades, and service expansions. Nvidia’s leading market cap position this year was largely driven by AI chip demand, but the recent semiconductor volatility opened the door for Apple to retake the lead. Despite this rally, the average analyst target price of $329.52 suggests a slight pullback might be ahead.
