Apple Nears $5 Trillion Market Cap Milestone Amid Optimism for iPhone Duo

Apple is on track to close its market capitalization above $5 trillion for the first time, according to Dow Jones Market Data. The company's stock price needs to reach at least $342.602 for this milestone to be achieved.

The last time Apple's market value surpassed $5 trillion during regular trading hours was on July 28 and 29 of this year. However, it has yet to close above this threshold, with today potentially being the day it finally happens.

Apple is not alone in its high valuation, as Nvidia is also a member of the exclusive $5 trillion club, having reached this milestone on October 29, 2025.

The company's stock has been rising steadily this year, driven by Wall Street's perception of Apple as a safe haven during times of tech sector volatility. Other tech giants are spending heavily on artificial intelligence and infrastructure development, which has put pressure on their cash flows. In contrast, Apple has taken a more conservative approach to its spending.

New CEO John Ternus is at the helm, following Tim Cook's departure earlier this month. The company recently unveiled the foldable iPhone Duo, priced at $1,999, and available for purchase on October 23. Analysts are optimistic about the prospects of the new device, with BofA Securities' Wamsi Mohan predicting a strong iPhone cycle driven by higher average selling prices and adoption of the Duo.

Mohan also believes that the AI-powered Siri will incentivize more iPhone upgrades in the future, as users become increasingly interested in upgrading to newer models with access to this advanced software feature.