Nvidia Took Back the World’s Biggest Company Title From Apple on Election Day

Quick Read

• Nvidia reclaimed the top spot on Election Day, rising 2% to a $4.99 trillion market cap while Apple slipped to $4.84 trillion.

• AMD reported record data center revenue of $8.5 billion, up 97%, reinforcing the AI demand that powered Nvidia back to first place.

• Apple CEO John Ternus called memory pricing “unprecedented,” and the company guided December-quarter gross margin to between 45% and 46%, down from the prior quarter’s 47.9%.

• Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and Apple didn’t make the cut. Enter your email to see the names that beat AAPL. The report is free. Enter your email and see if any of your stocks made the cut.

Apple (NASDAQ:AAPL) held the title of the world’s most valuable company for two consecutive closing sessions. On Tuesday, Nvidia (NASDAQ:NVDA) rose 2.29% to $206.69, giving it a market value of $4.99 trillion. Apple fell 1.90% to $331.90, leaving it at $4.84 trillion.

“Biggest” here refers only to market value, and Election Day just happens to be the date. Nvidia’s lead is about $149 billion. That is small compared with the gap to Microsoft (NASDAQ:MSFT) at $3.87 trillion and Alphabet (NASDAQ:GOOGL) at $3.44 trillion.

The swap matters because both companies are responding to the same force. The AI expansion keeps pushing memory prices higher. Those higher prices are now cutting into the margins of the world’s largest device maker.

Memory Costs Pushed Apple Back to Second

Apple guided December-quarter gross margin to 45% to 46%. The quarter it just reported came in at 47.9%, and roughly one point of that came from tariff refunds that won’t repeat.

CEO John Ternus said, “What we’re seeing with memory pricing right now is unprecedented,” and added that prices keep rising beyond December. Apple has already raised prices on Mac, iPad and iPhone, and Siri AI will also add cloud inference costs, so margin pressure will likely last past the holidays.

——

Free Report, Just Released

Why Didn’t AAPL Make The Top 10 List?

24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive Top 10 Stocks To Buy Now. Not the ten biggest companies. Not the ten everyone is arguing about. The ten best stocks to buy right now.

And AAPL didn’t make the cut!

The report is free, and you can see why we think each stock is a top investment today.

Enter Your Email and See the Ten →

——

AI Demand Carried Nvidia Back to First

Nvidia had fallen for four sessions before Tuesday’s gain. At its session high, it was worth about $5.05 trillion, but it closed just under $5 trillion.