Apple Reaches $5 Trillion Market Cap for First Time
On July 28, Apple briefly crossed a $5 trillion market capitalization during intraday trading, becoming the second publicly traded company in history to reach this milestone after Nvidia. The stock touched an intraday high of $342.89 before retreating slightly. A closing price above $340.43 would have secured the record for Apple at session's end. The achievement comes ahead of Apple’s quarterly earnings report and as CEO Tim Cook prepares to step down in September. Unlike rivals such as Alphabet, Amazon, Meta, and Microsoft—companies investing heavily in AI—Apple has opted for a more conservative approach by limiting capital expenditures and partnering with Google on cloud and AI services. Investor sentiment toward Apple has improved amid growing skepticism about the sustainability of heavy AI investments elsewhere in the tech sector. However, rising component costs due to global chip shortages have led Apple to increase prices on some products.
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