The iPhone maker Apple became the second publicly listed company in the world, after Nvidia, to hit the $5 trillion market capitalisation mark in Tuesday’s session.
Apple shares rose nearly 2% to hit a 52-week high of $342.89 in Tuesday’s session, which drove its market capitalisation to approximately $5.036 trillion. The heavyweight stock, however, pared gains and ended 0.94% higher at $340.08, extending gains for the third consecutive session.
Apple’s market capitalisation stood at around $4.99 trillion at close.
Meanwhile, on Monday, Apple overtook Nvidia to reclaim the position of the world’s largest publicly traded company.
The stock has seen strong gains of 17.5% so far this month, after a 7.3% decline in the previous month, reflecting renewed investor confidence in the company.
Year-to-date, shares of the technology giant have jumped 25%, outperforming other so-called ‘Magnificent 7′ technology stocks including Nvidia, Meta, Alphabet, and Microsoft, which shows investors’ confidence in the company’s business, its initiatives in artificial intelligence, and its product ecosystem.
Apple will report its third-quarter earnings on Thursday, 30 July. As per Reuters, analysts expect an over 15% year-on-year jump in its quarterly revenue.
