Apple Ticks Over $5 Trillion Mark for First Time Ever

Apple briefly reached a market capitalisation of over $5 trillion for the first time on Tuesday, becoming only the second company to do so after Nvidia. The tech giant's shares climbed as high as $342.89 during the session, lifting its market value to $5.036 trillion.

However, Apple later pared some gains to close up 0.72% at $339.33, leaving it with a market capitalisation of $4.98 trillion. This move came ahead of the company's quarterly earnings, which are scheduled for release after the market closes on Thursday.

Apple reclaimed its position as the world's most valuable listed company earlier this month after overtaking Nvidia. Analysts attribute Apple's success to its decision to steer clear of the industry's costly artificial intelligence infrastructure race. Instead, the company relies on Google's AI technology to power new features, such as an upgraded Siri.

Apple's strategy has helped its stock outperform the rest of the so-called Magnificent Seven technology companies. Its shares have gained around 25% so far this year, ahead of Nvidia, Microsoft, Meta, and Alphabet.