Investing.com -- Apple Inc on Tuesday briefly became the second publicly traded company to ever reach a market capitalization of $5 trillion, second only to Nvidia.

Apple’s shares reached a session high of $342.89, pushing its market value to $5.036 trillion. The stock later pulled back to trade just under $340. The company’s stock needs to close above $340.43 to officially cross the $5 trillion threshold.

The iPhone maker reached the milestone less than a year after surpassing $4 trillion in October 2025.

Apple stock has risen approximately 24% year to date and nearly 60% over the past 12 months. The gains have been driven by strong iPhone sales and disciplined capital expenditure.

This year’s rally has been fueled by strong demand for Apple’s products and its decision to avoid the AI spending race that is draining cash flows at competing Big Tech companies. The consumer electronics company struggled to develop in-house AI models and has relied on Google’s technology to power new services such as a revamped Siri. This approach has helped Apple avoid the infrastructure costs that have raised investor concerns about returns from data-center investments at other technology companies.

Apple is scheduled to report its third-quarter earnings after the market close on Thursday, July 30.