Apple briefly crosses $5 trillion valuation as investors rotate away from AI stocks

Apple briefly surpassed a $5 trillion market valuation on Tuesday, July 28, 2026, becoming only the second company to cross that threshold as investors shifted away from artificial-intelligence and semiconductor shares.

The iPhone maker’s stock reached an intraday high of $342.89, valuing the company at about $5.04 trillion, before easing to $339.71 and slipping back below the milestone. Nvidia was the first company to exceed $5 trillion, reaching the mark in October 2025.

Apple’s shares have gained about 24 percent so far in 2026. The rise has been supported by demand for its devices and by its comparatively restrained spending on AI infrastructure, while investors have grown more cautious about the borrowing and capital expenditure tied to rapid data-centre expansion elsewhere in the technology sector.

The milestone came during a wider technology sell-off. The Nasdaq 100 fell as much as 1.8 percent during the session, extending its decline from an early-June record to more than 10 percent. Semiconductor shares also dropped sharply in the United States and South Korea amid concern about AI spending and growing Chinese competition in chipmaking equipment and memory chips.

Apple has kept iPhone prices unchanged even after raising prices for some MacBook and iPad models, a decision analysts cited as supportive of demand. The company also introduced a US device-leasing programme with Klarna on Tuesday. Apple is scheduled to report third-quarter earnings after the market closes on Thursday.