Apple’s (AAPL) market capitalization recently hit $5 trillion for the first time, surpassing AI giant Nvidia (NVDA). Apple’s market cap reached $5.04 trillion in Tuesday’s opening trade before the stock pared some of its initial gains. Its market cap at the time of writing stood at $4.96 trillion, while Nvidia’s market cap hovered around $4.75 trillion.
Apple is reportedly preparing its biggest push into the smart home market yet, with plans to launch a Siri AI-powered home hub alongside a refreshed Apple TV and HomePod mini. The company has had a strong recent stretch of earnings, as well as performance on the stock market. While its arrival in the AI race was rather late, Apple has picked up the pace, with Wall Street experts following along with bullish coverage of its stock.
Compared to Nvidia, which was overtaken in the market cap race, Apple’s shares have surged nearly 19% over the past month, while Nvidia’s shares have gained about 0.4%. The iPhone developer’s latest push with AppleTV and HomePod mini also gives Apple a strong advantage over other Magnificent-7 companies like Alphabet (GOOGL). Indeed, the launch would represent Apple’s strongest challenge yet to Amazon’s Echo ecosystem and Google’s Nest platform.
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Furthermore, on the heels of the tech sector being under the lens of scrutiny from Wall Street giants, leading global investment bank Morgan Stanley has reiterated its buy rating on Apple stock. The banking firm briefly hiked its price target for AAPL, indicating that the equity has upward steam. This makes the mobile phone maker a must-watch asset, as the financial firm remains confident in its prospects. The Magnificent Seven firms have been on the frontline of advancements, and this time the focus remains on AI.
Eerik Woodring, the Managing Director and Equity Research analyst at Morgan Stanley, gave Apple stock a price target of $364. The analyst briefly hiked the target from the previous number of $360. Woodring added $4 to the price prediction, estimating AAPL to be a step higher than the previous rating