Nasdaq leads stock declines as Nvidia, chip stocks sell off

Apple (AAPL) stock hit a new intraday high of $237.49 on Tuesday, eclipsing its prior record of $237.23 on July 15. The stock’s climb added about $70 billion to its market capitalization, putting it further ahead of Nvidia (NVDA) as the world’s most valuable company after Nvidia’s gains jeopardized the iPhone maker’s lead.

The stock pared gains after notching the record, gaining about 1.5% in afternoon trading. Meanwhile, Nvidia fell around 4%.

Apple’s upward move comes a day after preliminary data showed rising demand for iPhones in the third quarter. Global iPhone shipments rose 3.5% from last year, according to the International Data Corporation (IDC).

“While the growth of the Chinese players in emerging markets has been an ongoing theme this year, Apple also enjoyed a 3.5% YoY growth in shipments this quarter fueled by strong demand from the previous models and the launch of the new iPhone 16 lineup,” said Nabila Popal, IDC’s data & analytics senior director, in a statement Monday.

“Despite the staggered rollout of Apple Intelligence in markets outside the U.S., Apple will continue to grow in the upcoming holiday season,” she added.

Apple released its new iPad mini, which is equipped to run its suite of AI features, on Tuesday.

Apple is set to report earnings Oct. 31, and Wall Street analysts tracked by Bloomberg expect earnings to rise 9% from last year to $1.59 per share. Some 40 analysts recommend buying the stock, while 19 have a Hold rating and two recommend selling shares, according to Bloomberg data. Apple shares are up 32% from last year, and analysts see the stock rising further to over $245 over the next 12 months, Bloomberg data shows.