By Angela Palumbo

Apple has a new CEO, artificial-intelligence powered Siri, and a foldable iPhone, and now it has something else in its sights: a record closing market capitalization.

In late trading Tuesday, the stock was on track to close above the $5 trillion milestone for the first time. Apple stock was up 0.7% to $341.21 after hitting an intraday high of $345.34, which temporarily put it over $5 trillion in market value. It last hit $5 trillion on July 28 and July 29. A close at $342.602 will put it above that mark, according to Dow Jones Market Data.

The only other company to trade above a $5 trillion market cap is Nvidia, which hit the milestone on Oct. 29, 2025.

Regardless of the $5 trillion milestone, Apple stock was on pace to surpass its previous all-time closing high, reached on July 28.

Apple shares have been on an upward swing this year as Wall Street looks to the stock as a safe haven during times of volatility in the tech space. Other tech giants are spending massive amounts of capital on developing AI and building out the infrastructure to power the tech, which has taken a toll on their free cash flow. Meanwhile, Apple has taken a different approach to its heavy-spending peers. That's attracted some nervous tech investors.

Apple is also going through a transformative period. New CEO John Ternus took over from Tim Cook at the beginning of the month. Then on Sept. 9, the company showcased the foldable iPhone Duo, which introduces the biggest change to the iPhone's physical design ever. The iPhone Duo starts at $1,999-the most expensive iPhone yet-and is available on Oct. 23.

There is a concern that the hefty price tag of the Duo could crimp demand, but Wall Street seems optimistic.

"We expect a strong iPhone cycle with the higher ASPs [average selling prices] and uptake of Duo," BofA Securities analyst Wamsi Mohan wrote on Sept. 17. He rates Apple as a Buy with a $370 price target.

Mohan also thinks that "Siri AI should drive increased interest in upgrades."

The AI powered Siri has officially become available for download after multiple delays and is only accessible through newer iPhone models. Positive feedback on the new Siri leads some analysts to believe the software will incentivize more iPhone upgrades down the line.

Write to Angela Palumbo at angela.palumbo@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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September 22, 2026 14:52 ET (18:52 GMT)