Apple Tops $5 Trillion Valuation Milestone
Apple, the maker of the iPhone, became the second publicly traded company globally, following Nvidia, to reach the $5 trillion market cap milestone during Tuesday's trading session.
Apple stock increased by almost 2percent, reaching a 52-week peak of $342.89 during Tuesday’s trading, boosting its market capitalization to around $5.036 trillion. The heavyweight stock, nonetheless, reduced its gains and closed 0.94percent up at $340.08, marking gains for the third consecutive day.
Apple's market value was approximately $4.99 trillion at the end of trading.
On Monday, Apple surpassed Nvidia to regain its status as the largest publicly traded company in the world.
The stock has experienced significant gains of 17.5percent this month, following a 7.3percent drop last month, indicating a resurgence in investor confidence in the firm.
So far this year, shares of the tech giant have risen 25percent, surpassing other 'Magnificent 7' technology stocks like Nvidia, Meta, Alphabet, and Microsoft, reflecting investors' trust in the company's operations, its artificial intelligence efforts, and its product ecosystem.
Apple is set to announce its third-quarter earnings on Thursday, July 30. According to Reuters, analysts anticipate a more than 15percent increase in its quarterly revenue compared to the previous year.
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Apple has appointed John Ternus, its hardware engineering vice-president, as the new chief executive, taking over from Tim Cook, who will resign as CEO on 1 September 2026.
Under Cook's leadership, Apple reached a $1 trillion valuation in 2018, followed by $2 trillion in 2020 and $3 trillion in 2022. During his time in charge, the stock price increased from $11.5 at the start to $340.08 at the US market closing on Tuesday, 28 July.
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The incoming CEO will assume leadership as Apple seeks to keep pace with rivals in AI advancements. According to reports, its Siri chatbot is set to be accessible to users in the fall. The updated Siri AI is driven by Google, since Apple did not create the Siri AI chatbot independently.
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In the meantime, Apple has introduced a new leasing program in collaboration with Klarna, providing monthly payment choices for new products like iPhones, Macs, iPads, and Apple Watches, enabling customers to return, upgrade, or purchase them.