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Apple’s stock reached new heights on Tuesday, trading above $269 a share and pushing the company’s market capitalisation to a record $4 trillion (€3.4tr). That followed stronger-than-expected demand for its latest iPhone 17.
The Cupertino-based technology giant therefore joins the elite club with Nvidia and Microsoft, which both surpassed the same valuation earlier this year.
Nvidia, the semiconductor powerhouse, became the first company in history to hit the $4tn milestone in July 2025. News of soaring AI investments and the firm’s strong profit outlook have continued to lift its share price since then, now approaching $4.7tn (€4tn).
The so-called Magnificent Seven, the seven largest publicly traded technology companies in the world, have been cashing in on the AI boom this year, with tech share prices rising accordingly. Since January, Apple shares are up more than 18%, Nvidia’s nearly 40%, and Microsoft’s close to 30%.
However, Apple has mostly stayed out of the race to invest billions in AI projects. Current market enthusiasm for the iPhone maker’s stock instead stems from the successful launch of its updated iPhone range, along with signs of easing trade and tariff pressures.
According to Counterpoint Research, the iPhone 17 series has outsold the iPhone 16 range by 14% during its first ten days on sale in China and the United States.
Five members of the Magnificent Seven, Alphabet, Apple, Amazon, Microsoft, and Meta, are reporting earnings this week. They will need to demonstrate strong growth and justify the massive spending currently underway in artificial intelligence, amid growing concerns that the sector may be forming a bubble reminiscent of the dot-com boom that burst in 2000.
According to Kate Leaman, chief market analyst at AvaTrade:”Markets move on leadership, and right now, the leadership of Microsoft, Meta, Alphabet, Amazon, and Apple is inseparable from the risk appetite of investors worldwide.”
She noted that more than 40% of S&P 500 gains this year have come via these giants.
“But with that concentration comes fragility,” she added, saying that even as revenues climb, the commentary provided by executives “will critically frame how far and how confidently the market can chase the AI story into 2026”.
