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BTIG states that Apple is ready to surpass Nvidia and the rest of the Magnificent Seven

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Chart analyst Jonathan Krinsky from BTIG predicts that Apple is set to outperform Nvidia in the AI chipmaker market. Despite trailing behind Nvidia in recent years, Apple is currently ahead by less than 7% in 2024. However, over the past five years, Nvidia has seen a dramatic surge of 3,262% compared to Apple’s 341% increase. Krinsky’s chart analysis indicates that Apple is on the brink of breaking out to a new high, following the company’s latest artificial intelligence plans announced on Monday.

Apple’s stock price surged as much as 6.7% on Tuesday, reaching a record high of $206.03 intraday, marking its first all-time high since December. In contrast, Nvidia experienced a brief decline of 2.5% on the same day. Krinsky’s analysis includes a comparison of Apple’s stock price ratio with other tech giants, suggesting that Apple has formed a “basing” pattern over several months. This pattern indicates that Apple is primed to outperform the other tech stocks in the market on a relative basis.

Mega-cap tech stocks have been the bright spot in the market, but Krinsky believes that weak market breadth may have an impact on their performance. Market breadth refers to the number of stocks in the market that are performing well versus those that are stagnant or declining. Despite this, Apple’s potential breakout and outperformance against Nvidia signal a positive outlook for the company’s stock performance in the coming months.

In recent years, Apple has faced challenges in keeping up with Nvidia’s impressive performance in the AI chipmaker market. However, with the recent surge in Apple’s stock price and the company’s focus on artificial intelligence, Krinsky’s analysis suggests that Apple is now in a strong position to surpass Nvidia in the market. Investors are closely monitoring Apple’s stock performance following its latest AI plans and its potential to outperform other tech giants in the market.

As Apple continues to innovate and expand its presence in the AI chipmaker market, the company’s stock performance is expected to strengthen. With Apple’s stock price reaching record highs and the potential for further growth, investors are optimistic about the company’s future prospects. Despite trailing behind Nvidia in the past, Apple’s current momentum and focus on artificial intelligence position the company as a strong contender in the tech market moving forward.

In conclusion, Apple’s recent surge in stock price and the company’s focus on artificial intelligence have positioned it favorably to outperform Nvidia in the AI chipmaker market. Chart analyst Jonathan Krinsky’s analysis suggests that Apple is on the brink of a breakout, with the potential to surpass other tech giants in the market. As Apple continues to innovate and expand its presence in the AI sector, investors are optimistic about the company’s future stock performance.

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