AAPL: Apple Value Dips to $2.6T as China Sales Slip 24% in First Six Weeks of 2024. Can Nvidia Overtake?

Shares of the iPhone maker are down about 9% this year. Nvidia is closing in fast with just $50 billion of ground left to cover.

Key Points:

• iPhone sales in China slid 24% in early 2024.
• Rival firm Huawei logged a 64% sales jump.
• Nvidia is $50B away from surpassing Apple.
• Apple’s market capitalization dipped to $2.6 trillion on Wednesday with the stock AAPL clocking out at $170 a share for the first time since October. Headwinds from the East were to blame. A report from Counterpoint Research showed that iPhone sales in China have been hit by a 24% drop for the first six weeks of this year.
• Adding to the brewing troubles, rival firm Huawei marked a pronounced 64% leap in sales over the same time frame.China is the world’s second-largest economy and a key market for the tech mainstay. With that said, Apple is rapidly losing market share in China where it collects roughly 20% of its revenue.
• By the looks of it, the struggling giant may soon be elbowed out of its position as the world’s second-biggest company. Nvidia NVDA is closing in fast with just some $50 billion of ground left to cover before it eclipses Apple’s market cap. Microsoft MSFT pulled it off in January when it dethroned Apple from the top spot.