Apple (AAPL) Market Cap Hits Record $5 Trillion, Passing Nvidia

Apple’s (AAPL) market capitalization recently hit $5 trillion for the first time, surpassing AI giant Nvidia (NVDA). Apple’s market cap reached $5.04 trillion in Tuesday’s opening trade before the stock pared some of its initial gains. Its market cap at the time of writing stood at $4.96 trillion, while Nvidia’s market cap hovered around $4.75 trillion.

Apple is reportedly preparing its biggest push into the smart home market yet, with plans to launch a Siri AI-powered home hub alongside a refreshed Apple TV and HomePod mini. The company has had a strong recent stretch of earnings, as well as performance on the stock market. While its arrival in the AI race was rather late, Apple has picked up the pace, with Wall Street experts following along with bullish coverage of its stock.

Compared to Nvidia, which was overtaken in the market cap race, Apple’s shares have surged nearly 19% over the past month, while Nvidia’s shares have gained about 0.4%. The iPhone developer’s latest push with AppleTV and HomePod mini also gives Apple a strong advantage over other Magnificent-7 companies like Alphabet (GOOGL). Indeed, the launch would represent Apple’s strongest challenge yet to Amazon’s Echo ecosystem and Google’s Nest platform.

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