Apple and Nvidia reach historical milestones, dominate the stock market

In late October, Apple Inc. (“Apple”) became only the third company in history to reach a market capitalization of US$4 trillion, joining Nvidia Corporation (“Nvidia”) and Microsoft Corporation, which both surpassed the milestone in July 2025.

Despite trailing its peers in the artificial intelligence (“AI”) sector, Apple’s latest iPhone launch helped propel the stock past this historic threshold. Earlier in the year, amid concerns of U.S. tariffs and Chinese competition, Apple shares struggled. Apple’s shares have risen just 7.5% in 2025, compared to gains of 50% for Nvidia, while Alphabet Inc. and Meta Platforms Inc. have gained approximately 42% and 25%, respectively. However, recent developments appear to have alleviated some of those pressures. Most of Apple’s products are exempt from U.S. tariffs, following several meetings between Apple CEO Tim Cook and President Trump at the Oval Office, as well as Cook attending a state dinner hosted by King Charles III in Trump’s honor.

Moreover, the release of the iPhone 17 and the iPhone Air has reignited consumer enthusiasm, temporarily mitigating the company’s weakness in the AI space.

Meanwhile, Nvidia continues to lead the way for the tech sector. Just before the end of October, Nvidia became the first company in history to reach US$5 trillion in market capitalization. The latest jump in Nvidia’s stock followed a recent announcements that it expects US$500 billion in AI chip orders and government contracts to build large-scale AI supercomputers.

Nvidia has added US$1 trillion in value in just three months, exhibiting how central AI has become to the global economy. As 2025 draws to a close, the final quarter will test whether Apple and Nvidia can sustain their momentum and close out what has been a landmark year for both companies.

Author: Arjun Prasad, 2025-2026 Articling Student-at-Law