Apple Stock Hits Record High in Brief Rally Above $5 Trillion

Apple's stock price hit a new intraday high on Wednesday, September 23, briefly pushing its market value above $5 trillion. The milestone was short-lived, as shares eventually dropped 0.8% to $336.98 and the company's market capitalization fell back below $4.96 trillion.

The record high came after investors bet on the success of Apple's new iPhone Duo and Siri AI features. These products are expected to drive growth from an already large base, with Morgan Stanley analyst Erik Woodring estimating that 57% of iPhone users have devices older than the iPhone 15 Pro.

However, the company's July forecast for September-quarter revenue growth fell short of analysts' expectations, raising concerns about supply pressures. Apple's stock price dropped sharply in premarket trading after the results and has since rallied, only to retreat again on Wednesday.