Apple briefly crossed the $5 trillion market value threshold on Tuesday, becoming only the second company in history to reach that milestone after Nvidia, as shares climbed on strong iPhone demand and the rollout of a new device leasing program just two days ahead of the company's quarterly earnings report.
The Numbers
Apple's market value briefly crossed $5 trillion for the first time on Tuesday, July 28, 2026, with shares rising as high as $342.89 during the session, pushing its market capitalization to approximately $5.036 trillion, before paring back to trade at $339.70, valuing the company at about $4.991 trillion. Nvidia's shares were last up 0.53% at $197.63, valuing it at $4.78 trillion.
How Apple Got Here
The milestone comes just weeks after Apple reclaimed the title of the world's most valuable company, overtaking Nvidia, which had held the top spot since June 2025 and was the first firm ever to breach $5 trillion. Apple's stock has gained about 25% so far this year, outperforming other so-called "Magnificent 7" technology companies including Nvidia, Meta, Alphabet, and Microsoft.
A Deliberate Bet Against the AI Spending Race
Apple has benefited from strong demand for its products as well as its decision to skip the ongoing AI spending race among Big Tech rivals that is sapping their cash flows and saddling them with humongous debt. The iPhone maker has relied on Google's AI technology to power new services such as a revamped Siri, avoiding the hefty infrastructure costs associated with surging data-center investments. Forrester analyst Dipanjan Chatterjee framed the strategy directly: "Apple has resisted the AI spending race, betting that customer experience — not infrastructure investment — will ultimately determine the winners."
Steady iPhone Prices Boosted Demand
Apple's decision to hold iPhone prices steady last month when it unveiled increases for MacBooks and iPads has also bolstered demand, as buyers scooped up the company's flagship device ahead of expected price hikes later this year, according to analysts.
The New Leasing Program
Apple announced Tuesday that U.S. customers would soon be able to lease an iPhone for up to two years starting at $17.99 per month, through a program called Upgrade, in partnership with buy-now-pay-later firm Klarna, offered at Apple's physical and online stores. Leasing options will also cover Apple Watch and iPad starting at $11.99 per month, and Mac starting at $24.99 per month.
Chatterjee explained the psychological logic behind the move: "The new leasing program is a clever response: it doesn't reduce the price of an iPhone, but it changes how consumers perceive the cost by replacing sticker shock with a predictable monthly payment."
Nvidia's Own Volatile Path to $5 Trillion
Nvidia became the first company to reach a $5 trillion valuation in October, and has gained about 6% this year. The chip firm closed at a record $5.7 trillion on May 14, but has since lost about $1 trillion in valuation.
What's Next
Apple is due to announce its quarterly financial results Thursday, with analysts expecting a more than 15% jump in quarterly revenue from a year earlier. That report will offer the next major test of whether Apple's AI-light, consumer-experience-focused strategy continues paying off relative to rivals pouring tens of billions into AI infrastructure — and whether the new Klarna leasing program helps sustain the device demand that's driven much of this year's rally.