Nvidia reclaims world's most valuable company title as Apple shares slide

Apple shares fell after its gross margin forecast disappointed investors, despite quarterly earnings that largely beat estimates.

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TLDR

Apple had overtaken Nvidia at Friday's close, but by 11:55 a.m. EDT Tuesday, Nvidia's market value was $5.02 trillion, compared with Apple's $4.83 trillion. Nvidia shares were up around 3%, while Apple's were down 2%. Apple beat analysts' fourth-quarter estimates for revenue, earnings per share and iPhone sales, but projected a current-quarter gross margin of 45% to 46%, down from 47.9% in the fourth quarter.

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