Apple shares closed at a record high on Wednesday, lifting its market value to $5.005 trillion|@johnternus|X
The iPhone maker has crossed the $5 trillion market valuation mark for the first time at closing, setting a new benchmark for new CEO John Ternus.
Apple shares closed at a record high on Wednesday, lifting its market value to $5.005 trillion, according to Dow Jones Market Data.
The milestone places the tech giant alongside chipmaker Nvidia, the only other company to have closed above the $5 trillion threshold.
The achievement caps former CEO Tim Cook’s 15-year tenure, during which Apple expanded its iPhone business, grew annual services revenue beyond $100 billion and introduced popular products such as the Apple Watch and AirPods.
The company also returned more than $1 trillion to shareholders through stock buybacks and dividends.
Now, Ternus must find new ways to drive growth, particularly in artificial intelligence. Apple has struggled to match rivals in developing advanced AI technology, while its Siri assistant has fallen behind competing products.
The company hopes its redesigned Siri, developed with help from Google, will encourage customers to upgrade their iPhones. However, rising memory chip costs have pushed up production expenses and forced Apple to increase prices.
Ternus’s leadership will be tested by his ability to turn AI ambitions into successful products and maintain Apple’s growth.