Sales weakness weighs on Apple's (AAPL.US) stock, as Nvidia (NVDA.US) regains the title of the world's most valuable company.

Apple (AAPL.US) shares continued to decline on Tuesday, extending recent losses, as Nvidia (NVDA.US) began to "overtake" the tech giant and regain its title as the world's most valuable publicly traded stock. Nvidia's market capitalization surpassed Apple's $333bn on Tuesday, as the former's shares rose 1.68% to $143.2 after-hours, while Apple's fell 2.7% to $222.03, though the latter recovered from its earlier lows. Nvidia's market capitalization had surpassed Apple's in early November, but the latter regained the top spot later that month. Apple's shares hit a record high of $260.10 on December 26, but have since fallen about 15%. Apple's shares fell as much as 4.6% on Tuesday after Jefferies and Loop Capital both downgraded the stock. Jefferies cut its rating to underperform from neutral, citing weak iPhone sales and a generally weak consumer electronics market, ahead of Apple's earnings report on January 30. Earlier in the day, Counterpoint Research said iPhone sales in China fell about 18% in the fourth quarter of 2024, while Chinese rival Huawei took the top spot. The poor performance in China also contributed to a 5% decline in global sales, challenging iPhone sales. Meanwhile, Nvidia's shares rose on Tuesday after UBS said it expects its latest Blackwell product line to generate more revenue of about $9bn in the fourth quarter. The stock has largely stagnated since Nvidia released its last quarterly report in November.