Overview
- Apple's market value briefly exceeded $5 trillion on Tuesday, July 28, when shares reached an intraday high near $342.89 before falling back below the threshold by the close.
- The rally was driven by robust iPhone sales, growing Services revenue and a large share‑buyback program that reduces outstanding shares and boosts per‑share metrics.
- Investors have favored Apple's measured AI strategy of using external models rather than heavy in‑house AI infrastructure spending, prompting a rotation of money out of some AI‑infrastructure and chip names including Nvidia.
- Near‑term tests that will determine whether the valuation holds include Apple’s fiscal third‑quarter earnings due July 30, delivery of promised Apple Intelligence/Siri upgrades, and pressure from global memory and storage shortages that have raised device prices.
- Apple also launched a U.S. leasing program with Klarna to ease device costs for consumers and is preparing a leadership transition on Sept. 1 when John Ternus becomes CEO and Tim Cook becomes executive chairman.