Apple Touches $5 Trillion Milestone
Apple's market value briefly reached $5 trillion for the first time on Tuesday, making it only the second company to achieve this milestone after Nvidia. The iPhone maker's shares rose 0.72% to $339.33, valuing the company at $4.98 trillion. At its session high of $342.89, Apple's market value stood at $5.036 trillion.
Apple surpassed chipmaker Nvidia as the most valuable company in the world earlier this month and has benefited from strong demand for its products. The company has also avoided the hefty infrastructure costs associated with surging data centre investments by relying on Google's AI technology to power new services such as a revamped Siri.
The decision to hold iPhone prices steady last month when it unveiled increases for MacBooks and iPads has bolstered demand, analysts have said. Apple launched a device leasing programme in the US through payments firm Klarna, under which monthly payments start at $17.99 for an iPhone, $11.99 for an Apple Watch or iPad, and $24.99 for a Mac.
Apple is set to report its third-quarter earnings after the market close on Thursday, with analysts expecting a more than 15% jump in quarterly revenue from a year earlier.