While both Apple (AAPL) and Nvidia (NVDA) are “Magnificent 7” constituents, their fortunes have diverged over the last year. Nvidia was the best-performing name among the elite group in 2023, and is holding on to the title this year, too. Apple, the worst-performing Magnificent 7 stock last year (despite its 49% gain), is the second worst performer in 2024.
While Apple stock has rebounded from its 2024 lows, the shares are just barely positive YTD, up less than 1% at Monday's close. Notably, Nvidia’s market cap threatened to surpass Apple last month, before the chip designer's post-earnings rally cooled. As for Apple, the iPhone maker has yet to reclaim its $3 trillion market cap, as well as its long-held status as the world’s largest company, which it lost to Microsoft (MSFT) last year.
