Nvidia Vs. Apple: Nvidia Will Edge Out Apple in Market Cap To End July, but Apple is Growing Faster

By Alex Sirois Published Jul 14, 12:21PM EDT

Quick Read

NVDA holds a $4.77T market cap over AAPL's $4.56T, but Apple surged 7% in a single week while Nvidia slipped on profit-taking.
Paying 22x forward earnings for 85% revenue growth and 75% gross margins makes Nvidia the more compelling twelve-month setup.
Apple's July 30 earnings report will test Services growth, Greater China momentum, and early iPhone 18 signals before Nvidia reports August 26.
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Nvidia Vs. Apple: Nvidia Will Edge Out Apple in Market Cap To End July, but Apple is Growing Faster — © 24/7 Wall St / Getty Images

NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) and Apple (NASDAQ:AAPL) posted very different quarters, yet sit nearly shoulder to shoulder at the market’s top. NVIDIA leans on AI infrastructure demand from hyperscalers. Apple leans on a refreshed iPhone cycle and a Services machine that compounds. With Apple’s next report due July 30, the comparison feels timely.

AI Factories Carry NVIDIA. iPhone 17 Carries Apple.

NVIDIA’s Q1 FY27 revenue hit $81.6 billion, up 85.2% YoY, with Data Center Networking alone growing 199% on InfiniBand, NVLink, and Spectrum-X pull-through. Jensen Huang framed the moment bluntly: “The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed.” Blackwell 300 is ramping, and the Vera Rubin platform is queued behind it.

Apple’s March quarter told a calmer story. Revenue reached $111.2 billion, up 16.6% YoY, with iPhone at $56.99 billion and Services at an all-time high of $30.98 billion. Tim Cook credited “extraordinary demand for the iPhone 17 lineup” and the MacBook Neo launch. Every geographic segment grew double digits, rare at Apple’s scale.

Business Driver	NVIDIA	Apple
Main Growth Engine	Data Center compute + networking	iPhone 17 cycle + Services
Gross Margin	75.0%	~49%
Customer Base	Hyperscalers, sovereigns, enterprise	2.5B+ active devices

Absolute Value vs. Immediate Momentum

NVIDIA carries the larger market cap at $4.77 trillion versus Apple’s $4.56 trillion, but near-term momentum has flipped. NVDA is down 3.98% over the past month, while AAPL climbed 7.36% in the last week alone. Apple is picking up the shorter-cycle bid.

Valuation reinforces the split. NVIDIA trades at a forward P/E of 22x with a PEG of 0.6, unusual for a company guiding to $91 billion in Q2 revenue. Apple sits at a forward multiple closer to 32x, a premium justified by eight straight EPS beats and a fresh $100 billion buyback.

The Next Test Comes on July 30

Apple’s July 30 print is the next catalyst. I will watch Services growth, Greater China (which surged to $25.53 billion in Q1), and any read on iPhone 18 pull-forward. Polymarket traders currently peg 96% odds on an iPhone 18 launch in 2026. NVIDIA does not report until August 26, leaving a gap where sentiment can drift on China export headlines.

Why I Slightly Prefer NVIDIA for the Next Twelve Months

NVIDIA looks like the more interesting setup to research from here. Paying 22x forward earnings for a business growing revenue 85% with 75% gross margins is rare, and the mid-summer pullback looks like profit-taking. For investors focused on steadier compounding, lower beta, and a fortress balance sheet, Apple offers a different profile heading into a strong July setup. I would only change my view on NVIDIA if hyperscaler capex commentary softens meaningfully in August.

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About the Author Alex Sirois →

Alex Sirois is a financial writer with experience spanning both retail and institutional investing. He has written for InvestorPlace and held roles at BNY Mellon and Bernstein, giving him a perspective that bridges Main Street portfolios and Wall Street analysis.

Alex holds an MBA from George Washington University and has built his career across multiple industries, including e-commerce, education, and translation — a breadth of experience that informs how he breaks down complex financial topics for everyday investors. His writing is conversational, actionable, and grounded in long-term, buy-and-hold investing principles.

At 247 Wall St., Alex focuses on delivering analysis that is both accessible and useful, with a clear emphasis on helping readers make more informed decisions with their money.