Apple (AAPL) has lost more than $300 billion in market cap so far in 2024. It's one of the three Magnificent Seven laggards, a list that also includes Alphabet (GOOGL, GOOG) and Tesla (TSLA). The company hasn't been able to capitalize on AI the way other group members have and there are growing concerns about iPhone sales in China.
Yahoo Finance's Jared Blikre takes a closer look at Apple's charts to see what may lie ahead for the stock.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Stephanie Mikulich.
Video Transcript
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BRAD SMITH: The Magnificent Seven in focus this week as we see multiple members trading in the red. AI darling NVIDIA has logged two straight days of losses. Overall, still outperforming, though. And it's up here over the past five days by about 5%, and year-to-date, you're seeing it up as well. But three of the seven Mag Seven stocks are not outperforming. Apple, Alphabet, and Tesla all seeing losses since the start of 2024. Shares of Apple off 10%. Yahoo Finance's Jared Blikre over at the big board with more. Hey, Jared.
JARED BLIKRE: Hi there. I thought this heat map here of our megacaps kind of encapsulates what we've seen this year. Apple in the red while most of the other things in the green, and Tesla down 1%. And let me show the year-to-date totals where you can see, as you just said, Apple down 10%, Tesla down 29%. Of the Mag Seven, it is the worst off. But then there's Nvidia up 80% really just outshining them all.
And here's another way of looking at it. If we look at the market cap gains this year, Nvidia up almost a cool trillion dollars. It was closer to that mark a couple of days ago, but it is roaring back to it. Then you have Meta, Amazon each up more than $200 billion. Microsoft, too, thrown in that category. Then you start getting into the underperformers.
Alphabet just slightly down. Tesla, although it's worse down percentagewise, only down the second worst down $224 billion. And then Apple down $327 billion. And I'll do some technical analysis on Apple chart because it is just getting back to a really interesting area. Let me put a three-month chart on. And actually, let me put a one-year chart on. And we can see what could be an M top. It's a little bit hard to see on this time frame. But as I zoom out to a three-year it'll come back in focus.
And here we go, M right there. Now, if this neckline is violated, probably heading down to test a lower support area, 150 that big round number that could be one. And then below that, I got 125 to 130. And that would take it down to the place where it was exactly three years ago, so unchanged. Apple, as they say, so goes Apple, so goes the rest of the market. Not this year. Really hasn't been able to capitalize on that AI train.
And you can really see this when we take a look at NVIDIA versus Apple all by itself. Here is year-to-date. Apple down 10%. NVIDIA up 80%. But over the last three years, NVIDIA just a much more high beta play. I don't know if it's fair to compare these two together, but there you go, Apple and Nvidia.
And I will leave you with this because we've been talking about the race between Tesla and some of the other market cap leaders. Visa just passed Tesla, by the way. But check out what's happening with Apple and Nvidia. NVIDIA closing in on Apple's $2.66 trillion market cap.
