Apple Surpasses $5 Trillion Market Cap, Extends Historic Run on iPhone Demand

AAPL briefly touched a $5 trillion market valuation on July 28, 2026, becoming only the second company after NVDA to reach the milestone, with shares hitting a session high of $342.89 before pulling back short of the $340.43 close needed to lock it in officially .

The push capped Apple's fastest trillion-dollar climb: the stock crossed $4 trillion on October 28, 2025, so it took roughly nine months to add its latest trillion . Apple was already worth about $4.88 trillion at its July 17, 2026 close of $333.74, and is up roughly 24% year to date .

The gains trace to Apple's fiscal second quarter, when iPhone revenue rose 22% to $57 billion behind the iPhone 17 lineup, pushing total revenue to $111.2 billion, up 17% year over year . Greater China revenue jumped 28% to $20.5 billion, helped by Beijing's subsidy program and Apple regaining top China smartphone share for the first time since late 2023 . Services revenue hit a record $31 billion, up 16%, across 2.5 billion active devices .

The milestone lands two days before Tim Cook's final earnings call as CEO: Apple reports fiscal third quarter results July 30, after which Cook becomes executive chairman and John Ternus takes over . The Financial Times noted the run came as AI spending fears and a chip sell off weighed on other megacaps .

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