The iPhone maker Apple became the second publicly listed company in the world, after Nvidia, to hit the $5 trillion market capitalisation mark in Tuesday’s session.
Apple shares rose nearly 2% to hit a 52-week high of $342.89 in Tuesday’s session, which drove its market capitalisation to approximately $5.036 trillion. The heavyweight stock, however, pared gains and ended 0.94% higher at $340.08, extending gains for the third consecutive session.
Apple’s market capitalisation stood at around $4.99 trillion at close.
Meanwhile, on Monday, Apple overtook Nvidia to reclaim the position of the world’s largest publicly traded company.
Apple share price trend
The stock has seen strong gains of 17.5% so far this month, after a 7.3% decline in the previous month, reflecting renewed investor confidence in the company.
Year-to-date, shares of the technology giant have jumped 25%, outperforming other so-called ‘Magnificent 7′ technology stocks, including Nvidia, Meta, Alphabet, and Microsoft, which shows investors’ confidence in the company’s business, its initiatives in artificial intelligence, and its product ecosystem.
Apple will report its third-quarter earnings on Thursday, 30 July. As per Reuters, analysts expect an over 15% year-on-year jump in its quarterly revenue.
New CEO to take charge in September
Apple has named John Ternus, its vice-president of hardware engineering, as its next chief executive, succeeding Tim Cook, who is to step down as CEO on 1 September 2026.
Under Cook, Apple became the first company to hit a $1 trillion valuation in 2018, $2 trillion in 2020 and $3 trillion in 2022. Over his tenure, the share price rose from $11.5 when he took over to $340.08 at the US market close on Tuesday, 28 July.
The new CEO will take charge at a time when Apple has been trying to catch up with its competitors in AI innovations. As per reports, its Siri chatbot will be available to consumers in the fall. The new Siri AI is powered by Google, as Apple did not develop the Siri AI chatbot itself.
Meanwhile, Apple has launched a new product leasing program with Klarna, offering monthly payment options for new devices, such as iPhones, Macs, iPads, and Apple Watches, and allowing customers to return, upgrade, or buy them.
With inputs from news agencies
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