Apple guiding December-quarter gross margin to 45%-46% is what would push my mixed Apple view toward negative, if memory costs keep…
Apple guiding December-quarter gross margin to 45%-46% is what would push my mixed Apple view toward negative, if memory costs keep eating into margin past the holiday quarter. For now I still lean on the hardware moat, but this guide is the first real crack I've seen.
- Nvidia rose 2.29% to $206.69 on Nov. 3, roughly $4.99T in market cap, while $AAPL fell 1.90% to $331.90, roughly $4.84T. Apple had only reclaimed the top spot on Oct. 30.
- The 47.9% September-quarter margin included about one point from tariff refunds, so the step down is smaller than it looks. Apple's management still tied most of the expected pressure to higher memory costs, and CEO John Ternus called memory pricing "unprecedented."
- Shares fell as much as 4.4% after hours on Nov. 2. In Nov. 4 pre-market, Apple was up 1.63% at $337.30 and Nvidia was down 1.04% at $204.55, so this ranking can flip fast.
- On the Nvidia side, Nov. 3 was reported as a broad chip rebound. AMD's record data center revenue, up 97%, confirms AI demand is strong. Nvidia reports Nov. 17.
If Apple's margins hold in the holiday quarter, I'd treat the dip as noise. If memory costs keep compressing margin, the moat argument gets a lot weaker, and I could be wrong either way.
Sources:
247wallst: https://247wallst.com/investing/2026/11/04/nvidia-took-back-the-worlds-biggest-company-title-from-apple-on-election-day/
Sedaily: https://en.sedaily.com/international/2026/11/04/us-stocks-mixed-before-midterms-as-nvidia-retakes-top-spot
Not financial advice. For informational and educational purposes only.
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