Apple poised to challenge Nvidia for top global market value

Apple’s shares have risen about 20% so far in 2026, outpacing the S&P 500’s 10% gain, while iPhone sales continue to grow. The company’s market value is reported at roughly $4.8 trillion, close to Nvidia’s $5 trillion valuation.

Higher demand for memory components used in artificial-intelligence applications has increased prices for DRAM and NAND flash chips, affecting smartphone manufacturers. According to IDC Global, "Rising memory and component costs pushed most Android vendors to raise prices, which cooled upgrade demand." In China, where smartphone shipments fell 4.3% year over year, iPhone sales rose 24% year over year, the strongest growth among vendors.

Chinese regulators recently approved Apple’s AI-driven service, Apple Intelligence, for iPhone deployment after a two-year licensing process that involved partnerships with local firms Alibaba and Baidu. The approval may expand the company’s user base in the market, which historically accounts for about 18% of Apple’s revenue.

Apple has kept iPhone prices stable despite higher component costs, a strategy that analysts say could increase its market share and bolster sales of related services and accessories. Meanwhile, investor sentiment toward Nvidia remains cautious, as any slowdown in AI adoption could impact its valuation.

Some investors view the combination of strong Chinese sales and the rollout of Apple Intelligence as factors that could enable Apple to overtake Nvidia’s market cap in the near term.