Apple's total market value exceeds Nvidia's
● Our reporter Tan Dinghao On July 27, Eastern Time, Apple's total market value exceeded US$4.95 trillion, once again ranking first in the world's market value. Just a month ago, Apple's market value evaporated by more than $260 billion in a single day after announcing a price increase for its products. At that time, the market was bearish. However, in just a few weeks, the stock price completed a V-shaped reversal, with an increase of 24.55% during the year, far exceeding Nvidia's 5.50%. Analysts believe that the underlying motivation for this counterattack is that the logic of AI investment is migrating from the infrastructure layer of "selling shovels" to the application ecological layer. Apple has successfully transferred cost pressure to the consumer side by virtue of its brand premium and ecological stickiness, which in turn strengthens profit expectations. The financial report on July 30 will be a critical moment to test this logic. Why did Apple buck the trend and reach the top amid rising prices? At the close of trading on July 27, Eastern Time, Apple's stock price rose 1.17% to close at US$336.91 per share, setting a record high, and its total market value exceeded US$4.95 trillion. On the same day, Nvidia's stock price fell 4.99%, and its market value fell back to US$4.76 trillion. Apple's total market capitalization once again surpassed Nvidia and topped the list of global market capitalization. Since July, Apple and Nvidia have been competing for the top spot in terms of market capitalization. On July 17, Eastern Time, Apple's total market value briefly surpassed Nvidia during the session, but then gave way again. After the close of trading on July 27, Eastern Time, Apple's total market value reached the top for the second time this month, and the gap with Nvidia further widened. As of the close of trading on July 27, Eastern Time, Nvidia's cumulative increase this year has been only 5.50%, while Apple's cumulative increase has reached 24.55%. It is worth noting that this round of market value reversal occurred precisely at a time when the global consumer electronics industry was experiencing an unprecedented impact of memory chip price increases. According to TrendForce's spot and contract price tracking report, in the first half of 2026, the global memory chip industry is in a super boom cycle that only occurs once in fifteen years. DRAM (dynamic random access memory) and NAND flash memory contract prices have risen sharply for two consecutive quarters, and this has been transmitted to the consumer side. On June 25, Apple announced global price adjustments for Mac, iPad, HomePod and other products, with some single products in the National Bank version seeing significant increases. On the day the news was announced, Apple's stock price plummeted 6.12%, and its market value evaporated by more than US$260 billion in a single day. However, just one month later, Apple's stock price completed a V-shaped reversal. Industry insiders believe that the core logic behind this is that the market’s review of AI investment return rates is profoundly changing funding preferences. More importantly, Apple relied on its strong brand premium and supply chain bargaining power to successfully pass on the rising cost of memory chips to downstream consumers, which in turn strengthened its profit expectations. For most Android manufacturers, price increases may mean the loss of users, but Apple's ecological stickiness provides it with a unique cushion. Financial report will become a key node in the decisive battle between bulls and bears Apple will release its third quarter financial report for fiscal year 2026 after the U.S. stock market closes on July 30. This is not only a key window for the market to test the quality of its "asset-light AI route", but also the last financial report meeting that Tim Cook will participate in as CEO - John Ternus, Apple's senior vice president of hardware engineering, will officially take over on September 1. Judging from performance expectations, Apple's management gave guidance for third-quarter revenue growth of 14% to 17% year-on-year in the last quarter's conference call. In terms of institutional ratings, the long-short divergence has intensified significantly. HSBC upgraded Apple's rating from "hold" to "buy" and raised its target price significantly from $260 to $366. Morgan Stanley maintains "overweight" and expects Apple's third-quarter earnings to be slightly better than market expectations. But the power of bears cannot be ignored either. KeyBanc Capital Markets downgraded Apple to "underweight" this month, citing concerns about demand and valuation. From an industrial chain perspective, memory chip price trends are still the core variable affecting Apple’s valuation. If the fall iPhone 18 series continues the price increase trend, consumers' willingness to bear it will become a key test of Apple's growth narrative.
Apple's return to the global market capitalization crown reflects the shift in AI investment logic from the infrastructure layer to the application ecosystem layer. The financial report night on July 30 was not only the moment when Apple handed over its first report card after the price increase, but also the watershed for the market to cast a vote of confidence or a vote of doubt on the asset-light AI route.
Apple's return to the global market capitalization crown reflects the shift in AI investment logic from the infrastructure layer to the application ecosystem layer. The financial report night on July 30 was not only the moment when Apple handed over its first report card after the price increase, but also the watershed for the market to cast a vote of confidence or a vote of doubt on the asset-light AI route.