NVIDIA overtook Apple in market capitalization as investors rapidly raised their expectations for AI data-center computing—and the company reported explosive growth in that business. NVIDIA’s lead was not permanent: the ranking shifted after its first June 2024 crossover, then changed again. The answer depends on the date and whether a figure is an intraday estimate or a closing value.
What “most valuable company” means
In this context, “most valuable” means highest market capitalization: the market value of a company’s outstanding shares, generally calculated from share price and share count. It is not a ranking by revenue, profit, assets, or product quality. Because share prices move, the ranking can change from one trading session to another.
When NVIDIA passed Apple
The June 2024 change unfolded over several days, and the exact comparison depends on the measurement time:
| Date and basis | NVIDIA | Apple | What the comparison showed |
|---|---|---|---|
| June 4, 2024 close, as reported by the Associated Press on June 5 | $3.334 trillion | $3.286 trillion | NVIDIA ranked ahead of Apple and Microsoft; Microsoft was valued at $3.317 trillion. |
| June 18, 2024 close | About $3.335 trillion | Lower than NVIDIA | NVIDIA closed above Apple and Microsoft, becoming the most valuable publicly traded company at that point. |
The June 5 figures are a dated closing snapshot reported by the Associated Press. The June 18 milestone is reported by Reuters. These are market-cap estimates, not company-reported sales figures.
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- OC mode: 2632 MHz (OC mode)/ 2602 MHz (Default mode)
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- A 2.5-slot design maximizes compatibility and cooling efficiency for superior performance in small chassis
Why investors repriced NVIDIA
AI demand translated into reported data-center growth
The central business story was demand for computing infrastructure used in AI and other data-intensive workloads. In its fiscal first quarter of 2025, NVIDIA reported $26.0 billion in total revenue, up 262% year over year, and $22.6 billion in data-center revenue, up 427% year over year. Those are company-reported results for the quarter, not measures of market value.
NVIDIA’s fiscal 2025 annual filing linked demand for its Hopper accelerated-computing platform to workloads including large language models, recommendation engines, and generative AI applications. For the full fiscal year, NVIDIA reported $130.5 billion in revenue, up 114% year over year. The quarterly figures are in NVIDIA’s fiscal Q1 2025 results; the annual figures and workload discussion appear in its FY2025 annual report.
Rank #2
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Share-price expectations affect market capitalization
Investors’ expectations about future growth can affect a share price, and the share price feeds into market capitalization. NVIDIA’s reported growth helped explain why investors were focused on its AI business, but growth figures alone do not establish that a particular valuation was objectively correct. Nor does NVIDIA’s higher market cap mean Apple’s business was failing or that NVIDIA made better products.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The lead changed after the first crossover
NVIDIA’s June 2024 move was not the start of an uninterrupted period at the top. Reuters reported that NVIDIA overtook Apple again on October 25, 2024, after a record rally driven by demand for newer AI supercomputing chips. In June 2025, Reuters reported NVIDIA had reclaimed the top position, while noting its value had not exceeded Apple’s roughly $3.92 trillion record from December 2024. Each ranking describes a particular time, not a permanent handoff.
Rank #3
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- 3.6-slot design with massive fin array optimized for airflow from three Axial-tech fans
- Phase-change GPU thermal pad helps ensure optimal thermal performance and longevity, outlasting traditional thermal paste for graphics cards under heavy loads
On July 9, 2025, NVIDIA became the first publicly traded company to pass $4 trillion in market value intraday, but the Associated Press reported it fell below that threshold by the close. That distinction matters: an intraday milestone does not mean the company ended the day above the mark.
For a later snapshot, StockTitan listed NVIDIA at $5.65 trillion and Apple at $4.82 trillion through October 2, 2026. This is a dated estimate from a secondary market-data aggregator, not a timeless ranking. The October 2024 and June 2025 changes were reported by Reuters and Reuters; the $4 trillion intraday crossing was covered by the Associated Press, and the October 2026 snapshot is from StockTitan.
Quick Recap
Best Value
- Powered by the NVIDIA Blackwell architecture and DLSS 4 OC mode: 2640MHz/Default mode: 2610MHz (Boost Clock)
- Military-grade components deliver rock-solid power and longer lifespan for ultimate durability
- Protective PCB coating helps protect against short circuits caused by moisture, dust, or debris
- 3.125-slot design with massive fin array optimized for airflow from three Axial-tech fans
- Phase-change GPU thermal pad helps ensure optimal thermal performance and longevity, outlasting traditional thermal paste for graphics cards under heavy loads
Rank #4
- Powered by the NVIDIA Blackwell architecture and DLSS 4
- Powered by GeForce RTX 5060
- Integrated with 8GB GDDR7 128bit memory interface
- PCIe 5.0
- WINDFORCE cooling system
How to read the milestone
- Market cap is a market measure. It tracks the share-market value of outstanding stock, rather than sales or assets.
- Rankings need dates and time bases. A closing value, an intraday crossing, and a later aggregator snapshot are not interchangeable.
- AI demand explains the business narrative, not every valuation decision. NVIDIA’s reported data-center growth is evidence of rapidly expanding sales, while share prices also reflect investor expectations and can change quickly.
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