NVIDIA overtook Apple in market capitalization as investors raised their expectations for the company’s role in AI computing, supported by extraordinary growth in its data-center business. The lead changed hands more than once, so the ranking depends on the date and whether it is measured intraday or at the close.
What “most valuable company” means
In this context, “most valuable” means highest market capitalization: the market value of a company’s outstanding shares, calculated from its share price and share count. It is not a ranking of revenue, profit, assets, or product quality. Because share prices move, market-cap rankings can change quickly.
When NVIDIA passed Apple
The first crossover came in June 2024. The Associated Press reported that at the June 4 close, NVIDIA’s market capitalization was $3.334 trillion, compared with Microsoft’s $3.317 trillion and Apple’s $3.286 trillion (Associated Press, June 5, 2024).
On June 18, NVIDIA closed at about $3.335 trillion, above both Apple and Microsoft, and became the most valuable publicly traded company at that point (Reuters, June 18, 2024). These are dated market-cap comparisons, not a permanent transfer of the title.
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Why investors repriced NVIDIA
Data-center sales surged
The clearest business evidence behind the valuation shift was NVIDIA’s reported growth in computing for data centers. In its fiscal first quarter of 2025, NVIDIA reported total revenue of $26.0 billion, up 262% year over year, including $22.6 billion in data-center revenue, up 427% year over year (NVIDIA’s fiscal Q1 2025 results).
AI workloads expanded the market opportunity
NVIDIA’s FY2025 annual report describes demand for its Hopper accelerated-computing platform for workloads including large language models, recommendation engines, and generative AI applications. For the fiscal year, the company reported $130.5 billion in revenue, up 114% year over year (NVIDIA FY2025 annual report).
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Those results help explain why investors were willing to value NVIDIA so highly: they reflected fast-growing sales tied to AI infrastructure. They do not, by themselves, prove that a particular share price or market capitalization was objectively correct. Market value reflects investor expectations as well as reported business performance.
The lead changed hands
NVIDIA’s June 2024 lead did not remain uninterrupted. Reuters reported that NVIDIA overtook Apple again on October 25, 2024, after a record rally driven by demand for its newer AI supercomputing chips (Reuters, October 25, 2024).
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Reuters reported that NVIDIA reclaimed the top position in June 2025, while noting its value had not yet exceeded Apple’s approximately $3.92 trillion record from December 2024 (Reuters, June 2025). On July 9, 2025, NVIDIA became the first publicly traded company to pass $4 trillion intraday, but fell below that level by the close, according to the Associated Press (Associated Press, July 9, 2025). An intraday milestone and a closing valuation are different measurements.
NVIDIA and Apple in the latest dated snapshot
In StockTitan’s market-data snapshot through October 2, 2026, NVIDIA was listed at $5.65 trillion and Apple at $4.82 trillion (StockTitan market leaderboard). This is an estimate from a secondary market-data aggregator for that date, not a timeless ranking; market capitalizations change with share prices.
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What the crossover does—and does not—tell investors
NVIDIA’s rise showed how strongly investors valued its position in the AI data-center buildout and the growth reported in that business. It does not establish that Apple’s business was failing, or that NVIDIA made better products overall. Market capitalization answers a narrower question: how much the stock market valued each company’s outstanding shares at a particular moment.
That distinction also matters when reading forecasts. In Reuters’ June 2025 coverage, Wedbush analyst Daniel Ives predicted that NVIDIA and Microsoft could reach the $4 trillion market-capitalization level that summer, with attention later shifting toward $5 trillion. That was an analyst forecast at the time, not a company statement or a guaranteed outcome (Reuters, June 2025).
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