On Wednesday, Kuo re-shared his earlier prediction, stating, “The prediction from three months ago has come true. This is not just a comparison of Nvidia and Apple's stock prices but a contrast between the strong growth trend of AI and the innovation challenges faced by consumer electronics.”

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At the time of writing, Nvidia’s market cap was at $3.011 trillion, while Apple’s was at $3.0303 trillion.

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Why It Matters: In April, it was reported that Apple's iPhone shipments decreased by almost 10% in the first quarter. Conversely, the global smartphone market saw a 7.8% increase in shipments, reaching 289.4 million units.

Samsung Electronics Co. regained the top spot, and budget-focused brand Transsion experienced an 85% surge in shipments. Apple's challenges in China, the world’s largest smartphone market, have affected its overall performance.

Moreover, the Cupertino, California-based tech giant has reportedly closed a deal with Sam Altman-led OpenAI to use ChatGPT on the iPhone.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.