Nvidia surpasses Apple at top of index: S&P 500 ETF investors now hold more Nvidia shares

Nvidia has overtaken Apple as the largest single position in major US stock indices. In the Schwab 1000 Index, the chip maker achieved a weighting of 6.94 percent, while Apple fell to second place with 6.45 percent. Microsoft follows in third place with 5.62 percent.

The shift documents Nvidia's dominance in the AI boom. For investors who have invested through broad-based S&P 500 ETFs, the new ranking means higher exposure to the semiconductor sector. Every dollar flowing into a market-cap-weighted index ETF is now proportionally more invested in Nvidia shares than Apple shares.

Apple remains dominant tech giant despite second place

Apple continues to command a market capitalization of 4.5 trillion USD. The Cupertino-based company most recently generated net revenue of 466.8 billion USD with a profit margin of 27.62 percent. Revenue growth stood at 16.4 percent annually.

The business model rests on two pillars: hardware sales and recurring services. The iPhone division contributes 50.4 percent to net revenue, followed by services at 26.2 percent. The latter includes the App Store, Apple Music, Apple TV and Apple Pay. Peripheral devices (8.6 percent), computers (8.1 percent) and music devices including iPad (6.7 percent) round out the portfolio.

Geographically, Apple generates 42.8 percent of revenue in the Americas, 26.7 percent in Europe, the Middle East and Africa, and 15.5 percent in China, Hong Kong and Taiwan. The Asia-Pacific region excluding China contributes 8.1 percent, Japan 6.9 percent.

Share price trades near 50-day average

The Apple share traded in early June 2026 at 309.35 USD after declining 0.63 percent to 311.30 USD the previous day. The 52-week range extends from 223.86 USD to 344.27 USD. The price lies just below the 50-day average of 309.85 USD (minus 0.16 percent), but well above the 200-day average of 281.30 USD (plus 9.97 percent).

The price-to-earnings ratio (P/E) is 36.37 with earnings per share of 8 USD. The PEG ratio—a measure that puts P/E and growth in relation—is 2.55. The dividend yield reaches 0.33 percent.

Analysts set an average price target of 326.34 USD, which corresponds to upside potential of 5.49 percent. The valuation metrics reflect Apple's status as a quality stock: high profitability, stable growth, but also a correspondingly ambitious valuation.

Significance for ETF investors in the DACH region

Investors who invest through ETFs tracking the S&P 500 or comparable US indices automatically carry the weighting shift with them. With market-cap-weighted products, new investments and dividend reinvestments flow more heavily into Nvidia than Apple. Those who want to actively manage their exposure to either of these stocks would need to acquire individual shares or switch to sector-specific ETFs.

Apple remains prominently represented in numerous ETFs with a technology or large-cap focus. The stock is regarded by many investors as a benchmark for quality and is closely linked to the global consumption and technology cycle. Premium positioning in the smartphone market and expanded services business provide recurring income and strong customer loyalty.

Historical context of index weighting

Apple was the first US company to reach a market capitalization of over 1 trillion USD—a milestone from 2019. Since then, the company has more than quadrupled its valuation. The current shift in favor of Nvidia shows how quickly power dynamics in the technology sector can change when a company benefits from a structural growth trend like artificial intelligence.

For passive investors in the DACH region, the new ranking changes nothing about the underlying logic: broad-based index ETFs track market capitalization, not a subjective assessment of future performance. Those who want to deliberately overweight or underweight Nvidia or Apple must actively intervene in their portfolio structure.