NVIDIA stock once again had the highest market capitalization in public markets, overtaking Apple on Tuesday as the iPhone maker’s stock price slid, sustaining a recent decline.
Nvidia crossed above $3.45T in market capitalization on Tuesday’s trade, exceeding Apple’s $3.37T capitalization. Nvidia in the session rose 2.3% to $140.83 while Apple dropped 3.2% to $222.64.
The AI chipmaker overtook Apple in market cap in early November, before Apple shifted back to the top spot later in that month. Apple shares hit an all-time high of $260.10 on Dec. 26 but have since lost ~15%.
Apple on Tuesday dropped as much as 4.6% after Jefferies and Loop Capital each cut their ratings on the company. Jefferies cited weak iPhone sales and a soft general consumer electronics market as reason for the downgrade to Underperform from Hold. Apple’s fiscal Q1 results are due Jan. 30.
Earlier Tuesday, Counterpoint Research said iPhone sales fell ~18% in China in Q4 2024, while Chinese rival Huawei Technologies advanced to the top spot.
Nvidia stock, meanwhile, rose Tuesday after UBS said it’s expecting more revenue from the company's newest Blackwell line, at ~$9B in Q4. Nvidia shares had largely stalled since the company's last quarterly report in November.
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