Newsletters
Apple's market capitalization briefly touched $5 trillion for the first time on Tuesday, a day after the iPhone maker overtook Nvidia to become the world's most valuable publicly traded company.
Apple shares rose to an intraday record of $342.89 before trimming gains. The stock has advanced about 25% since the beginning of the year, outpacing the S&P 500's roughly 8% gain and making Apple the best-performing stock this year among the group of large technology companies known as the "Magnificent Seven."
Nvidia, which became the first company to reach a $5 trillion valuation in October, has gained about 6% this year. The chip firm closed at a record $5.7 trillion on May 14, but it has since lost about $1 trillion in valuation. Apple is due to announce its quarterly financial results Thursday.
The company also introduced a leasing program called Upgrade on Tuesday, allowing customers in the U.S. to lease iPhones and other products rather than purchase them outright.
The program starts at $17.99 per month and will be offered through Apple's retail stores and online store in partnership with Klarna. Leasing options will also cover Apple Watch, Mac and iPad products.
Apple raised prices on MacBooks and iPads last month as higher memory and storage costs increased pressure on device prices. Cook has said the price increases had become unavoidable, marking the company's first formal move to pass rising component costs on to consumers.
Thursday's earnings call is expected to be Tim Cook's last as chief executive. Under his 14-year tenure, Apple's market capitalization has grown from about $350 billion to $4 trillion, while annual revenue has nearly quadrupled to more than $416 billion. John Ternus is set to take the helm Sept. 1.
Set as preferred source
Set as preferred source
1 min read
1 min read
