The tide is turning in Apple’s favor, with the iPhone maker set to outperform AI chip maker Nvidia, according to BTIG chart analysts. “While mega-cap tech remains a bright spot, we believe it may eventually succumb to weak range,” Chief Market Technician Jonathan Krinsky said in a note on Tuesday, noting that few stocks are doing well in the market, while many are stagnating or falling. Apple has lagged Nvidia’s performance in recent years. So far in 2024, Tim Cook’s company has a lead of less than 7%, while Nvidia has soared 144%. The chip stock’s lead has been even more dramatic over the past five years, with Apple’s total return, including reinvested dividends, reaching 341%, while Nvidia has soared 3,262%. AAPL NVDA 5Y Mountain Apple vs Nvidia Over the Past Five Years. Krinsky’s note was published before the stock market opened on Tuesday, but after Apple unveiled its latest artificial intelligence plans on Monday. He said Apple is poised to soar to new heights. In Tuesday trading, Apple rose 6.7% in a single day to hit $206.03, its highest level since December. Nvidia, meanwhile, fell 2.5% on Tuesday. In a note on Tuesday, Krinsky showed a chart comparing Apple’s stock price to the ratios of the other stocks in the “Magnificent Seven,” arguing that Apple has been forming a “base” pattern for several months, paving the way for Apple to gain relative advantage over other stocks.
According to BTIG, Apple will now beat Nvidia and the Magnificent Seven
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