Apple has briefly touched the $5 trillion valuation mark before, but its seemingly unstoppable rise has now taken it back up there again on the back of strong iPhone demand.
Back in October 2025, Apple closed at over $4 trillion for the first time, and then on July 28, 2026, it crossed the $5 trillion mark. It wasn't very long before it dipped back under that to be a paltry $4 trillion and change, but now it's back.
At close of market, Apple's valuation once again passed $342.61, which means it has exceeded $5 trillion. It barely squeaked by, closing at $342.96 or $5.005T.
How Apple got there
The valuation appears to be chiefly because of the strong demand for the iPhone 18 Pro in spite of reports suggesting production cuts were a problem. The stock dipped and recovered within the week.
Back in July 2026, Tim Cook cautioned that availability was going to become a problem, but not because of the global chip shortage. "Let me stress this again," Tim Cook said during his last earnings call, "this isn't a partner or supplier issue. This issue is an incredibly strong demand."
At time of writing, online orders for the iPhone 18 Pro Max are showing a shipping date of around three weeks. But it's taken longer to get to that point than usual, and that suggests that Apple has been able to meet demand more than expected.
Whether Apple can stay there
The issues of the global chip shortage are continuing, though, and this holiday season is usually Apple's biggest. That may change, at least slightly, as the iPhone 18 and possibly iPhone 18e or iPhone Air 2 launches have been pushed back to spring 2027.
What's likely to happen is that Apple will see demand shift from the Pro models to the base one exactly as it makes that launch. So there's probably going to be a consistency of revenue-generating iPhone launches.
All of which ignores how well Services have performed for the company. It's also possible that the much-awaited improvements to Siri AI are going to drive sales and keep that valuation rising.