
Nvidia Passes Apple in Market Cap as Second-Most Valuable Public US Company
Nvidia is the second largest company in the US, now only behind Microsoft, which overtook Apple earlier this year.
Nvidia is the second largest company in the US, now only behind Microsoft, which overtook Apple earlier this year.
Apple reported quarterly revenue of $89.5 billion, down 1 percent YoY, and a cash pile of $162.1 billion down from $166.5 billion at the same time last quarter.
The new computers, including MacBook Pro and iMac models, are set to hit the market next week.
Analysts at KeyBanc downgraded Apple shares from ‘Overweight’ to ‘sector-weight’ citing a weaker sales growth outlook.
For its fiscal Q3 2023, Apple reported reduced revenue from iPhone, Mac, and iPad sales, while revenue from Other Products rose 2%.
Apple stock rallied more than 45 percent YTD to trade around $189.66 on June 28 fueled by future growth outlook.
Apple stock hit its new ATH driven by increased iPhone sales and the launch of a competitive Vision Pro VR headset last week.
The Apple Vision Pro headset comes with a wide array of features including 4K screens and Spatial Audio, and will first launch in the US.
Apple iPhone sales surprised the Street. Despite the smartphone market shrinking by 15%, Apple managed to pull off strong sales numbers for iPhones.
The ruling, though it was a huge win for Apple, had minimal effects on AAPL shares.
Apple stopped sharing performance guidance during the COVID-19 era and the firm declined to do so also this time.
The market cap of Apple is currently less than $2 trillion following supply chain headwinds in December caused by COVID in China.
Apple stock has declined approximately 26 percent and 13 percent in the past twelve months and three months respectively.
The new Mac Pro with an Apple Silicon chip could have had 48 CPU cores and 152 GPU cores.
AAPL shares have traded sideways since hitting an ATH of $182.94 earlier this year.