Can I apply for a new visa with my current passport if it's valid longer than my non-immigrant O visa?

It's your decision when you want to apply for a new passport.

You can apply for the next extension with the current passport. But when a passport is valid for less than 1 year, your next extension is until your passport validity, so the next extension will be until 12 May 2026 (and the same date for the following yearly extensions).

If you get a new passport, you can apply for it as usual.

Usually, we tell people to renew their passports before the next application at the immigration office. But seeing the difference in extension is just a half month, it's totally up to you.

When you get a new passport, soon or later you have to move stamps from your old one to your new passport, at least before travelling or the next immigration-related application at the local immigration office.