Shares climbed as high as $342.89, lifting Apple’s valuation to $5.036 trillion. The stock later pared gains, and was trading 0.2% higher at $337.70, giving the company a market capitalisation of about $4.96 trillion.
Apple became the world’s most valuable company earlier this month, overtaking Nvidia, which had held the top spot since June 2025 and was the first company to cross the $5 trillion mark.
Apple’s rally this year has been fueled by strong product demand and its decision to avoid the costly AI spending race that has strained cash flow at Big Tech rivals.
After struggling to develop competitive AI models in-house, Apple turned to Google’s technology to power new services, including a revamped Siri. The approach has helped it avoid the heavy infrastructure costs that have raised investor concerns about returns on soaring data-center investment.
Demand has also benefited from Apple’s decision to keep iPhone prices unchanged last month while raising prices for MacBooks and iPads. Analysts said buyers rushed to purchase its flagship device ahead of expected price increases later this year.The iPhone maker also launched a US device-leasing program on Tuesday through payments provider Klarna. Monthly payments start at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad and $24.99 for a Mac.”Apple has resisted the AI spending race, betting that customer experience – not infrastructure investment – will ultimately determine the winners,” said Dipanjan Chatterjee, vice president and principal analyst at Forrester.
“The new leasing program is a clever response: it doesn’t reduce the price of an iPhone, but it changes how consumers perceive the cost by replacing sticker shock with a predictable monthly payment.”
Including Tuesday’s gains, Apple shares have risen 24% this year, comfortably outperforming the other six members of the “Magnificent Seven.”
Apple is scheduled to report third-quarter results after Thursday’s market close, with analysts expecting revenue to rise more than 15% from a year earlier.
Apple shares have climbed over 20% in the last one month and 58% over one year.
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