Tech titan Apple briefly reached a $4 trillion market capitalization on Tuesday, becoming the third publicly traded company in history to cross that threshold, boosted by strong demand for its latest iPhone models. The iPhone maker’s shares rose as much as 0.4% in intraday trading, pushing its valuation above the milestone before slipping back below the mark by market close. The stock has climbed nearly 25% over the past three months, recovering from a sluggish first half of the year amid concerns over competition in China and slow progress in AI.
The rally places Apple alongside Nvidia and Microsoft, which both reached the $4 trillion level earlier this year. Nvidia, driven by unprecedented demand for its AI chips, remains the world’s most valuable company with a market capitalization above $4.6 trillion. Microsoft reclaimed the mark this week after announcing a new agreement with OpenAI, extending its lead in the enterprise AI market. The company had breached the $1 trillion mark in 2018, the $2 trillion mark two years later, and the $3 trillion mark in 2022.
Apple’s surge has been underpinned by the successful debut of the iPhone 17 lineup, including the ultra-thin iPhone Air model, which has outperformed expectations in early sales. Data from research firm Counterpoint indicates that the iPhone 17 series outsold the iPhone 16 range by about 14% during their first 10 days of release in the US and China — a strong signal that a long-anticipated upgrade cycle is taking shape. “We are now at the front end of Apple’s long-anticipated adoption cycle,” said Loop Capital analyst Ananda Baruah. “The latest iPhones appear to be reigniting consumer demand in key markets, including China.”
Apple’s $4 trillion milestone comes as investors look ahead to the company’s fourth-quarter earnings report, due this week, which will provide the data from the initial weeks of the iPhone 17’s launch. While Apple no longer discloses unit sales, analysts expect its iPhone revenue to provide a clearer picture of the product’s performance compared to prior models. “Despite missing out on the initial wave of AI-driven gains, Apple’s entry into the $4 trillion club underscores the strength of its consumer ecosystem and brand loyalty,” said Dan Ives, an analyst at Wedbush Securities. “It remains the most valuable consumer technology franchise in the world.”
The milestone also marks the improving sentiment around tariff risks and supply-chain diversification. Apple has expanded manufacturing in India and Vietnam, moves analysts say have shielded the company from potential trade disruptions under the Trump administration. Apple’s comeback contrasts with a year of underperformance relative to the other behemoths in the tech industry. Its shares are up just over 7% in 2025, compared to Nvidia’s 45% and Alphabet’s 42%. Still, the latest rally suggests that investor sentiment may be turning, helped by the company’s continued dominance in premium smartphones and services. Still, the iPhone-maker continues to fall behind its competitors when it comes to AI, delaying a Siri upgrade and the rollout of its Apple Intelligence suite until next year.
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