Apple is set to take back the market-cap crown from Nvidia. Upcoming earnings may push it over the top
Source: CNBC ·
Apple stock is trading near record highs and closing in on Nvidia's market cap. Portfolio manager Jeff Kilburg explains what's driving the rally and why he thinks the momentum could continue.
From the source
Apple is set to leapfrog Nvidia and reclaim its title as the world's largest company as tech investors embrace consumer hardware again. Apple's upcoming strong earnings may be the catalyst that pushes it over the top. Apple on Friday was trading at a market value of $5.05 trillion, compared to $5.10 trillion for Nvidia. Apple shares are having a great October — up 4% — as concerns about the AI financing environment drag Nvidia down 7% for the month. Apple's market value briefly surpassed Nvidia in July, before falling back below. The new iPhone Duo hits stores Friday , with customers lining up to get their hands on it. Enthusiasm around that event has helped push the shares to an all-time high this week as the rest of the tech sector suffers. Apple is currently one of the top five holdings in our Essential 40 ETF . The iPhone Duo is a premium product, starting at $1,999 and climbing above $3,000 for the highest-storage model. That's a much different story from Apple's recent focus on…