Apple Narrows Gap With Nvidia to Under 1% as Duo Reviews Fail to Shake Bulls

Apple (AAPL) sits at a $5.08 trillion market capitalization, within 1% of Nvidia's (NVDA) $5.12 trillion, putting the iPhone maker on the verge of reclaiming the global market-cap crown despite harsh reviews of its new folding Duo handset. Nvidia has held the top spot for more than two years, but its shares have fallen 7.3% over the past month as investors question the durability of the AI investment boom, while Apple has gained 2.5%. Apple's hardware-centered business is viewed as a more defensive safe haven. The rotation came as large-cap tech sold off sharply on Thursday, with the Nasdaq Composite dropping nearly 2.6% in its worst single-day decline since June. Meta (META) rattled investors by reporting negative free cash flow for the first time since 2012 amid heavy AI spending and said it will issue additional shares to fund AI infrastructure. Yorkville Ives partner Dan Ives said roughly 375 million iPhones worldwide have gone more than four years without an upgrade, a deep replacement pool he expects to support strong Duo demand through 2027.