Growth, or bubble? I don't forsee a world where Apple paves their way to 5 trillion dollar valuation. Both of their highest-margin products (iPhone and App Store) are under threat and require immediate re-arranging. They're an easy bet because "big company strong", but have so many mounting issues to deal with on the global stage. It's extremely unlikely this period of growth lasts into the future.
Nvidia is, as you said, a spike. One driven by AI but will probably be irrelevant in a few years. They're still great at engineering and CUDA will almost certainly continue to dominate, but the AI boom won't last forever. Once ASICs hit the scene it will be game over for GPGPU vendors, like it was with crypto in 2021. They'll still have gaming and industry markets to cater to, but their spiking days are numbered.