With Nvidia hot on its heels, Apple stock looks to break out and hold its market-cap lead over its AI rival.
Nvidia could soon surpass Apple to become the world's second-most valuable company, as the kingmaker behind the AI revolution takes on the iPhone maker that has ruled Wall Street for decades. The reliance of virtually all artificial intelligence applications such as OpenAI's ChatGPT on Nvidia's high-end chips has helped the stock nearly triple in value over the past year to $2.72 trillion. In contrast, Apple ceded its No. 1 spot to Microsoft earlier this year as the once high-flying company grapples with weak demand for its iPhones and tough competition in China.
Nvidia stock threatened to extend Thursday's losses, while Amazon broke a key support level Friday.