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Apple Inc. (NASDAQ:AAPL) is in the spotlight Friday, with the stock closing in on Nvidia Corporation (NASDAQ:NVDA) as the world’s most valuable company, the iPhone Duo hitting stores today and earnings a week and a half away all drawing attention.

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Apple Is $42 Billion Behind Nvidia in the Race to Be the World’s Most Valuable Company

Apple closed at a record $348.22 Thursday, putting its market value at $5.082 trillion, just $42 billion behind Nvidia at $5.124 trillion, according to 24/7 Wall St. A gain of about 0.83% would close the gap. Apple last closed above Nvidia on July 27, and it first topped $5 trillion on Oct. 14. Nvidia’s lead was about $903 billion on Oct. 6, and Benzinga reported it had shrunk by nearly $570 billion in six trading sessions as concerns about the cost of the AI build-out weighed on the chip maker. Apple’s restrained AI infrastructure spending may be working in its favor, Benzinga said.

Tough reviews of the foldable iPhone Duo haven’t shaken Apple’s bulls, according to Yahoo Finance. 24/7 Wall St. noted that Apple trades at about twice Nvidia’s forward price-to-earnings ratio, so a market-cap lead could prove short-lived.

The iPhone Duo, Apple’s First Foldable, Hits Stores Today

The iPhone Duo goes on sale today after pre-orders sold out within moments on Oct. 16 and shipping dates slipped to Nov. 16 and Nov. 23, according to AppleInsider. It said Apple is believed to have made fewer iPhone Duos than normal, so the sellout is harder to read, but that stores will have at least some stock today. The phone will not appear in Apple’s fiscal fourth quarter, which ended Sept. 26.

Apple to Report Fiscal Fourth-Quarter Results Nov. 2

Apple is due to report its fourth-quarter results after the market closes on Nov. 2. Analysts estimate earnings per share of $1.98 on revenue of $113.23 billion. Apple has guided to revenue growth of 9% to 11% and a gross margin of 47% to 48%. In the third quarter, Apple reported earnings per share of $2.02, beating the consensus estimate of $1.89, and revenue of $109.42 billion, beating the consensus estimate of $108.65 billion.

What to Watch: December Quarter Outlook, iPhone Demand and Margins

Investors will be closely tracking Apple’s December-quarter guidance, since the iPhone Duo launches in it and sales of the iPhone 18 Pro, which Apple launched in September, will run the full quarter. JPMorgan analyst Samik Chatterjee expects December-quarter earnings per share of $2.81, about 4% below the consensus estimate of $2.92, and about 8.5 million iPhone Duo units. Gross margin will also be in focus.

Apple guided to 47% to 48% for the fourth quarter, down from 50.1% in the third quarter, which included about 2 points from tariff refunds, while citing memory costs and supply constraints. Services growth and any update on the planned December launch of Apple Intelligence in China will also be watched.

Apple Shares Trade Flat

AAPL Price Action: At the time of publication, Apple shares are trading 0.26% lower at $347.31, according to data from Benzinga Pro.

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