The tide's turning in Apple 's favor, with the iPhone maker poised to outperform AI chipmaker Nvidia , according to a chart analyst at BTIG. "Mega-cap tech remains the bright spot, but we suspect that will ultimately succumb to the weak breadth ," chief market technician Jonathan Krinsky wrote in a Tuesday note, referring to so few stocks in the market performing well while so many are treading water or declining. Apple has trailed Nvidia's performance in recent years.
mountain Apple vs Nvidia over past five years. Krinsky, whose note was published before the stock market opened Tuesday but after Apple debuted its latest artificial intelligence plans on Monday, said Apple was poised to break out to a new high. In trading Tuesday, Apple climbed as much as 6.7% to a record $206.03 intraday, scoring its first all-time high since last December. Nvidia, meanwhile, briefly fell as much as 2.5% on Tuesday.