Nvidia (NVDA) commands a $5.4 trillion market capitalization, the world's largest. Apple (AAPL) trails at just under $5 trillion. Nvidia needs only a $500 billion company like Mastercard added to close the gap entirely.
The growth divergence is stark. Nvidia reported fiscal Q2 revenue of $96.2 billion—a 106 percent year-over-year increase—with guidance for 70 percent growth next fiscal year. Apple posted $109 billion in quarterly revenue, up 16 percent year-over-year, its fastest pace in over four years.
At Nvidia's current trajectory, the company will generate more quarterly revenue than Apple by 2027. The driver: persistent global demand for its GPUs fueling the artificial intelligence build-out. Supply shortages for Nvidia's core products are expected to persist, sustaining elevated growth.
Apple's revenue remains concentrated in hardware and services. The iPhone generated $54 billion of the company's $109 billion quarterly total; Services contributed nearly $31 billion.
Valuation multiples tell the story: Nvidia trades at a significant discount on a price-to-earnings basis compared to Apple, despite superior growth prospects. On 2025 earnings projections, Nvidia appears undervalued relative to its expansion rate. Apple commands a higher multiple on a slower growth outlook.
Apple briefly reclaimed the top spot on July 17 before Nvidia reestablished its lead. The divergence reflects a market still pricing Apple's legacy stability while underweighting Nvidia's structural advantage in AI infrastructure.
