Apple closed at a record on Oct. 20, lifting its market value to about $3.9 trillion and pushing it back above Microsoft. Apple now trails only Nvidia, which sits around $4.4 trillion. The jump followed early iPhone 17 sales data.
Leadership at the top of the market has rotated all year. Today’s move shows how a strong iPhone cycle can still shift trillions in market value. It also sets up Apple’s Oct. 30 earnings as a key read on holiday demand.
Apple shares rose roughly 4% to a record close near $262–264, putting market cap near $3.9T. That edged past Microsoft, which hovered around $3.8T. Nvidia remains No. 1 at about $4.4T.
Why the stock moved
Counterpoint Research reported the iPhone 17 line sold 14% more units than iPhone 16 in the first 10 days in the U.S. and China. The base iPhone 17 drove China gains; Pro Max led in the U.S. Apple kept list prices in line with last year, while channels added discounts and coupons.
U.S. vs. China model mix
In China, base iPhone 17 sales nearly doubled versus last year’s base model over the same window, helped by feature upgrades at the same price. In the U.S., higher-end demand was supported by carrier subsidies and longer financing.
The numbers at a glance
Latest big-cap snapshot (Oct. 20, 2025 close):
| Company | Approx. Market Cap | Note |
|---|---|---|
| Nvidia | ~$4.45T | Still No. 1 globally. |
| Apple | ~$3.89–3.91T | New No. 2 after rally. |
| Microsoft | ~$3.82–3.84T | Now No. 3. |
Apple’s record territory: intraday highs above $263–264 and a record close around $262–264.
Market-cap comparison (approx., Oct. 20, 2025):
| Rank | Company | Market cap |
|---|---|---|
| 1 | Nvidia | ~$4.45T |
| 2 | Apple | ~$3.89–3.91T |
| 3 | Microsoft | ~$3.82–3.84T |
Context and risks
Tariffs and policy: 2025 has seen tariff threats and selective exemptions. Electronics like smartphones and some chips received relief earlier in the year, while proposals for steep semiconductor-specific tariffs remain in play. Markets will watch whether exemptions persist.
China demand: Early strength helps sentiment, but sustainability into Nov.-Dec. matters. Watch channel inventory, promotions, and repeat purchase intent in China’s big shopping weeks.
Competition: Microsoft’s valuation still moves on AI software and cloud. Leadership among the top three has flipped several times since 2024.
What to watch next
- Apple earnings: Oct. 30. Look for iPhone revenue run-rate, margins on entry models, and any guidance on supply.
- Holiday cycle: Black Friday promos and China’s Singles’ Day will test demand.
- Policy headlines: Any update on chip-tariff scope could sway sentiment.
Frequently Asked Questions (FAQs)
What is Apple’s exact record close?
Reports show a new record close around $262–264 on Oct. 20. Intraday highs touched above $263–264. Exact prints vary by feed, but all show fresh records.
How big is Nvidia now?
About $4.4–4.47T in market value, still No. 1.
Did Apple raise iPhone prices this year?
No. Apple kept list prices in line with last year for the mainstream models, with discounts at retail and carriers in some markets.
Are tariffs a risk for Apple?
Yes. Some electronics received exemptions earlier this year, but policymakers also discussed high chip tariffs. It remains a swing factor.
What’s the next near-term catalyst?
Apple’s Oct. 30 earnings and holiday guidance.
Where can I see the official iPhone 17 launch details?
Apple Newsroom has the full announcements from Sept. 9, 2025.
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Is Apple now the second-most valuable company?
Yes. As of Oct. 20, 2025, Apple’s market value is about $3.9T, above Microsoft’s roughly $3.8T and behind Nvidia near $4.4T. The move followed iPhone 17 launch-month sales that outpaced last year’s iPhone 16 by 14% in the U.S. and China.
What pushed Apple’s stock to a record?
Early iPhone 17 data. Counterpoint reported a 14% year-over-year lift in the first 10 days. Apple held pricing steady while channels offered discounts, improving value at the entry tier and demand for Pro Max in the U.S.
When did iPhone 17 launch?
Apple announced iPhone 17 and iPhone 17 Pro on Sept. 9, 2025 and began sales later that month, including in the U.S. and China.
Where does Microsoft stand now?
Microsoft’s market cap sits around $3.8T. It trails Apple today, but the top three have traded places several times since 2024.
