Apple briefly surpasses Nvidia with a market value of $5.12 trillion
Key Facts
Apple briefly surpassed Nvidia during trading on October 23, with its market value estimated at about $5.12 trillion, according to a 9to5Mac report. This coincided with the iPhone Duo, the company’s first foldable phone, becoming available that day. But the lead did not hold through the close, and the available information is insufficient to treat the phone’s launch as the cause of the share price movement or the companies’ ranking. EL7 data showed Apple shares closed at $347.73, below the previous close of $348.22 on October 22. Nvidia shares also closed at $210.96, compared with $212.21 the previous day.
The 9to5Mac report described the $5.12 trillion market value as the level at which Apple regained the top spot among companies globally during trading. The report said Apple had “become the world’s most valuable company again” at that valuation. However, that description of the lead applies to the momentary crossover during the session and does not establish that the company retained it after trading ended. Closing prices show Apple shares fell from the previous day’s level, as did Nvidia shares. The top ranking therefore remained tied to market movements during the day, rather than a final result confirming Apple’s lead at the close.
Competition between the two companies was also close before the October 23 session. In a report published by EL7 on October 23, Apple’s market value was estimated at $5.082 trillion and said to be $42 billion below Nvidia’s. That figure provides context for the gap between the companies before the temporary lead reported by 9to5Mac. But the earlier figure does not establish either company’s value at the October 23 close, nor does it settle which one ended the session in first place. Share data show that Apple and Nvidia both closed below their respective October 22 levels that day, as coverage focused on Apple’s brief return to the top.
Preorders for the iPhone Duo began on October 16, and Apple set October 23 as the date it would become available. The phone launched with a foldable design and two displays, an internal 7.6-inch screen and an external 5.4-inch screen, according to specifications announced by the company. Chief Executive John Ternus described the device as “the biggest change to the iPhone since the original model launched.” The phone starts at $1,999, making it the most expensive iPhone yet, according to the Associated Press. Its launch comes in a foldable-phone market that still accounts for less than 5% of the overall smartphone market, according to an analyst at CCS Insight cited by the news agency.
The Associated Press reported that shipping dates for some preorders had begun extending into January, meaning some buyers could face delays in receiving the phone. This points to postponed delivery dates for some orders, but does not establish that all units sold out or that sales were completed within minutes. Apple said customers filled its stores and team members invited them to try the first foldable iPhone, describing what happened when the phone became available. The interest comes amid the launch of a device with a starting price of $1,999, while the segment it belongs to remains a small share of the smartphone market. The available information does not link shipping delays to Apple’s share price movement or its temporary market lead.
Apple set its next expansion step for October 30, when the iPhone Duo will become available in 28 additional countries and regions. That date follows the start of availability on October 23 and the opening of preorders on October 16. Meanwhile, the Associated Press reported that some preorders face shipping dates extending into January. These dates place the phone’s launch between an announced geographic expansion and potential delays for some buyers. Available market data for October 23 show Apple shares closed at $347.73 and Nvidia at $210.96, after both shares closed at higher levels the previous day.