Apple's stock touched $342.89 a share on Tuesday, July 28, pushing the company's market capitalization to roughly $5.036 trillion — the first time Apple's valuation has crossed the $5 trillion line, according to CNBC. Apple is only the second publicly traded company to reach the mark. Nvidia got there first, on October 29, 2025, when its shares rose more than 5% to push its own market cap to roughly $5.1 trillion.
The valuation didn't hold. Apple pulled back through the session and closed at $339.70, a market cap of about $4.991 trillion, short of the roughly $340.43 share price the stock needed to officially close above $5 trillion, per Forbes.
The back-and-forth with Nvidia
The milestone capped ten volatile days between Apple and Nvidia for the title of world's most valuable public company. Apple first reclaimed the top spot on July 17, when its market cap climbed to $4.9 trillion against Nvidia's $4.8 trillion, then lost the lead back within the week. Apple retook it at Monday's close, July 27 — the first time Apple has finished a trading day ahead of Nvidia since April 2025. Nvidia shares fell roughly 5% that day on investor concern over AI infrastructure spending costs, pulling its market cap to $4.77 trillion, while Apple shares rose about 1% to a $4.95 trillion valuation.
Apple has kept its own AI infrastructure spending comparatively modest and leaned instead on steady iPhone demand, even as rising component costs elsewhere in the AI buildout reached its own product line: Apple raised MacBook Neo and iPad prices worldwide in June, citing an AI-driven memory and storage chip shortage. Nvidia, for its part, used its own March GTC keynote to project $1 trillion in orders for its next-generation chip platforms through 2027.
Apple's next scheduled catalyst arrived two days later. The company reported fiscal third-quarter results on July 30, posting revenue of $109.4 billion, up 16% year over year, on a 22% increase in iPhone sales — its strongest June quarter on record.
At roughly $5 trillion, Apple's valuation is now close to three times the $1.75 trillion Nasdaq listing SpaceX targeted for its own record-setting IPO filing earlier this year.
Source: CNBC, Forbes, TechCrunch, Apple Newsroom.
Amazon became the fifth company to cross $3 trillion days later, closing up 4% on August 3.
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