- Apple just notched a $4 trillion market value for the first time.
- It joins an exclusive club: only Nvidia and Microsoft have ever been worth that much.
- Strong sales of the new iPhone 17 have helped send Apple shares to record highs.
Apple just secured a $4 trillion market capitalization for the first time, becoming only the third public company ever to be worth that much, after Nvidia and Microsoft.
The tech titan’s stock price climbed to fresh highs of around $270 in early trading on Tuesday, boosting its market cap to just over $4 trillion, before retreating. Nvidia’s market value is about $4.7 trillion, while Microsoft is worth close to $4.1 trillion.
Apple’s latest rally has been fueled by optimism around the new iPhone 17, after Counterpoint Research released data showing the smartphone outsold its predecessor in the US and China during its first 10 days of availability.
Yet its stock has only climbed around 7% year to date as investors fear it could be left behind in the AI race. Nvidia, a key supplier of the chips that power AI models, has gained 44% this year. Microsoft, an investor in ChatGPT maker OpenAI, is up 29%.
US stocks opened broadly higher on Tuesday after hitting record highs on Monday, fueled by earnings beats and receding fears of a US-China trade war.
Apple has ranked among the world’s most valuable companies for years, reflecting the immense scale and profitability of its business.
Its latest annual report shows it generated net sales of $391 billion and net income of $94 billion last financial year, as it sold over $200 billion worth of iPhones, $96 billion of services, $30 billion of Macs, $27 billion of iPads, and $37 billion of other devices.
