Apple Tops $5 Trillion as Investors Seek Shelter From AI Spending

Apple had lagged its megacap peers as delays to a revamped Siri and struggles with in-house AI models raised doubts about its strategy. The iPhone maker has instead leaned on Google's technology while preserving cash, avoiding the hundreds of billions of dollars that Alphabet, Amazon, Meta and Microsoft are committing to AI infrastructure. That capital-light position, backed by strong device demand and recurring Services revenue, has turned Apple into a relative haven as investors question returns on the industry's data-center buildout.

Apple shares reached an intraday record of $342.89 on July 28, lifting the company's market capitalization to $5.036 trillion before the stock eased to about $337.70 and a $4.96 trillion valuation. Apple became only the second company to cross $5 trillion after Nvidia and has overtaken the chipmaker as the world's most valuable listed company. The shares are up about 24% in 2026. Apple is due to report fiscal third-quarter results on July 30, with analysts expecting revenue to rise more than 15% from a year earlier.