By Luis Blanco
Publication Date: 2026-09-23 05:35:00
Apple shares reached a fresh all-time high on September 21, 2026. The stock touched nearly $345 intraday before settling near $339.
NVIDIA, meanwhile, trades near record levels, even as its forward valuation multiple has compressed sharply from earlier this year.
What’s Really Driving Apple’s Record-Breaking Rally
A forward price-to-earnings ratio measures a stock’s current price against analysts’ projected future earnings. It offers a snapshot of how expensive a company looks relative to expected growth. That distinction matters for understanding what’s happening between these two tech giants right now.
Apple’s rally reflects renewed confidence in its hardware and services ecosystem. Strong demand for the latest iPhone models, particularly the iPhone 18 Pro and the upcoming foldable iPhone Duo, has extended delivery times and lifted upgrade-cycle expectations.
Improvements to on-device Siri AI and a smooth CEO transition have further reassured investors that Apple can monetize artificial intelligence without the massive capital spending required by hyperscalers.
The stock has climbed more than 36% over the trailing 12 months, according to TradingView data, pushing its market cap above $5 trillion.
Services revenue and high-margin software continue…
