Apple surpasses $5 trillion market value for the first time

Apple has achieved a monumental milestone in the financial world, becoming only the second company ever to break the $5 trillion market capitalization barrier. This significant valuation was reached during U.S. trading hours, propelled by a nearly 2% surge in its stock price, which touched a record high of $342.89 per share.

Following this peak, Apple's stock saw a slight dip, trading just below the $5 trillion mark. Nevertheless, the company solidified its position as the most valuable entity on the U.S. stock exchange. It now surpasses Nvidia, the semiconductor specialist that was previously the sole company to achieve a $5 trillion valuation.

Nvidia, a leader in AI chips, had reached a peak valuation of approximately $5.7 trillion in mid-May. However, recent weeks have seen a downturn for AI-focused companies amid renewed skepticism about the long-term sustainability of the booming infrastructure investments in artificial intelligence. In contrast, Apple's stock has been on an upward trajectory.