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Apple sold 3.1 billion iPhones under Tim Cook but risks lagging in AI race against Nvidia and others.

Market News
31 Aug 2026
24/7 Wall Street
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Neutral
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Under Tim Cook's leadership, Apple sold 3.1 billion iPhones and doubled its share of the S&P 500, reaching a $4.78 trillion market cap. However, Apple's market value recently fell behind Nvidia's $5.25 trillion, driven by Nvidia's AI chip dominance. Cook's challenge has been the lack of a new flagship product matching the iPhone's success, and Apple's AI efforts have lagged, leading to a costly partnership with Google's Gemini AI. Apple's cautious approach to AI investment may protect it financially if AI growth slows, but it remains uncertain if this strategy will be seen as wise or a missed opportunity.

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