Apple has reached a major milestone after its market value crossed $5 trillion, making the iPhone maker the world's most valuable company, surpassing NVIDIA. The jump came after Apple's rise in share price. The company's shares rose 0.2 percent to $337.7, bringing its market capitalization to $4.96 trillion. With a session high of $342.89, Apple's market value stood at $5.036 trillion.
Including session gains, Apple stock has jumped 24% so far this year, which has allowed the company to outperform the other six of the ‘Magnificent 7,’ which include Microsoft, Amazon, Alphabet, Meta Platforms, Tesla, and Nvidia.
Apple is ready to report its third-quarter earnings after the market close on Thursday. Analysts expect the company will jump more than 15% from the previous year.
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The Cupertino-based tech giant has struggled for years to build its own AI models. More recently, Google has used its technology to roll out new services, such as a revamped Siri, that have saved it from the massive infrastructure spending that tech investors so often fear.
Dipanjan Chatterjee, vice president and principal analyst at Forrester, said, “Apple has resisted the AI spending race, betting that customer experience - not infrastructure investment - will ultimately determine the winners.”