Apple touches $5 trillion market cap for first time

Apple's CEO Tim Cook and John Ternus, Apple's next CEO, attend the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., July 9, 2026. Brendan McDermid | ReutersApple on Tuesday briefly hit a market capitalization of $5 trillion for the first time, a day after passing Nvidia to become the most valuable publicly traded company. Shares of the iPhone maker, which reports quarterly results on Thursday, have jumped 25% this year, outpacing its megacap peers. The stock reached a high of $342.89 on Tuesday before slipping a bit.While the hyperscalers — Alphabet, Amazon, Meta and Microsoft — are collectively pouring hundreds of billions of dollars into capital expenditures this year for their artificial intelligence buildouts, Apple has kept its capex spending low, and is using cloud infrastructure and AI technology from Google.Apple trailed its trillion-dollar peers on the market last year as investors worried that the company was missing out on the AI boom by keeping investments in check and delaying the long-awaited rollout of an upgraded Siri, which will be released this fall alongside new iPhone hardware. But the narrative...