Apple stock momentum raises a symbolic Nvidia valuation challenge

Apple shares are supported by reported $109.42 billion quarterly revenue, 22% iPhone growth, strong repurchases, Pro demand, and enthusiasm for a possible foldable iPhone. Bernstein reiterated Outperform with a $370 target, while margin analysis highlights both higher-profit potential and affordability risk. Apple could challenge Nvidia’s market-cap lead, but foldable demand, valuation, China and memory risks, tariffs, and Nvidia’s much faster revenue growth leave the comparison uncertain.