Apple shares reached a record high on September 21, 2026, touching nearly $345 intraday before closing near $339. Over the past 12 months, the stock has risen more than 36%, bringing the company's total market capitalization to over $5 trillion. Investors attribute this growth to strong demand for the iPhone 18 Pro and the upcoming foldable iPhone Duo, alongside successful monetization of on-device Siri AI.
NVIDIA, despite trading near record levels, has seen its forward price-to-earnings ratio drop significantly. While the company reported quarterly revenue exceeding $96 billion, marking a year-over-year increase of over 100%, its forward valuation multiple has fallen below 17x. This figure is now lower than the semiconductor index average of roughly 20x.
The valuation compression at NVIDIA contrasts with Apple's steady performance. Market participants are currently weighing risks related to potential slowdowns in AI capital expenditures, increased competition from custom chips, and rising memory costs. The future trajectory of NVIDIA's stock will likely depend on upcoming earnings reports and capital spending guidance from hyperscalers.
