Apple Rises to $5T Challenge as New iPhone Duo Takes Center Stage

Apple (AAPL.US) is nearing a $5 trillion market capitalization milestone, which would put it in contention for being the world's most valuable company. The stock has rallied recently, bringing its market cap within 2% of this mark and less than 10% away from surpassing NVIDIA (NVDA.US). Despite lagging behind NVIDIA's business growth, Apple's share price surged over 40% in the past year compared to NVIDIA's 26% rise.

Apple's new iPhone has been launched, which could be a key driver for its continued growth. The company is expected to achieve double-digit revenue growth in the current fiscal year, marking its first instance of this in five years. This trend is expected to continue into next year, with analysts projecting a 10.5% year-over-year revenue growth.

The new iPhone Duo, priced at $1,999 or more, has been released and will be available for purchase starting October 23. While the high price may raise concerns about competitiveness, some analysts believe it could find an audience due to its unique features and the fact that wireless carriers will continue to subsidize phone purchases through multi-year contracts.