Nvidia ( NVDA ) reclaimed its title as the world’s most valuable public company on Tuesday as Apple’s ( AAPL ) shares slid.

The chipmaker’s stock was up about 2.4% during mid-day trading Tuesday, pushing its market cap to $3.45 trillion. Meanwhile, Apple saw its shares fall by almost 4%, landing its market cap at $3.33 trillion. The iPhone maker’s shares are down by more than 9% so far this year, while Nvidia’s shares are up 2%.

Jefferies ( JEF ) analysts downgraded Apple’s rating to “Underperform” in a note Tuesday morning, citing expectations of a miss for both fiscal first quarter results and guidance. Apple’s iPhone 17 and 18 sales are expected to “be weak,” Jefferies said, “because there are limited hardware upgrades to drive adoption.”

Following Asia supply chain checks, Jefferies said it is “cautious” over demand for Apple’s rumored iPhone SE 4 , which it said is likely to launch toward the end of March. The rumored smartphone — part of the SE series of smaller iPhones — is expected to use an A18 chip that is also found in the iPhone 16, a full-screen OLED display, and artificial intelligence capabilities powered by Apple Intelligence. Analysts also noted that the SE 4 is expected to have one rear camera, while the iPhone 13 Pro and 14 Pro have three cameras.

“As Apple Intelligence has yet to gain traction with consumers, a used iPhone 13 would be an attractive option to some consumers especially [because] the selling price could potentially be lower than that of SE4,” Jefferies analysts said in the note.

Meanwhile, iPhone shipments were down by around 4% year over year in the quarter ending in December, Jefferies said, citing data from the International Data Corporation. Jefferies added that supply chain checks suggest iPhone sales in China were down by a percentage in the “high teens” in the quarter, leading the firm to cut iPhone shipment growth expectations.

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