Apple Closes at a Record $356.27, With a Market Value More Than $1.2 Trillion Above Nvidia's as the Chip Giant Slides

The gains have pushed Apple above the $340.77 average analyst price target that 24/7 Wall St cited earlier in the week, and to about 39 times earnings, which leaves it with less margin for disappointment than it had a month ago. The company also pays a quarterly dividend of 27 cents a share on 16 November, to holders of record on 12 November.

How far ahead of Nvidia is Apple?

Quite far. Nvidia closed Friday at $162.85 after a sixth straight weekly loss, and Reuters data carried by The Globe and Mail put its market value at about $3.9 trillion, down from about $5.8 trillion in early October. Set against Apple's roughly $5.2 trillion, the gap is more than $1.2 trillion.

The two companies have traded places at the top of the world's market-value rankings several times since late October. Right now there is little contest, and the reason has less to do with Apple than with what is happening to its rival: Nvidia's chief executive, Jensen Huang, resigned on Thursday, and investors have marked down the shares sharply.

What could change the picture next week?

Nvidia reports quarterly results on Tuesday, which could narrow or widen the gap in either direction. For Apple, the immediate question is whether a stock now more than 7 percent above the $331.90 post-earnings low that 24/7 Wall St cited, can hold its ground if the broader market turns on rate fears.

The Federal Reserve is priced to raise rates again in December and the 10-year Treasury yield is above 5 percent, which tends to weigh on richly valued shares. Apple's Friday close shows investors still see it as a safe place inside the technology sector. Whether that holds will depend on a week of earnings, retail sales and Fed minutes. A stock this close to a record rarely gets a quiet week, and Apple's will be no exception.