Apple shares reached a new intraday record of $345.34 on Tuesday before closing at $339.75, briefly pushing its market capitalization above the $5 trillion threshold during the session. By Wednesday, the stock touched $344.18 intraday but traded at $336.98 around 14:28 UTC, pulling its market value back to roughly $4.96 trillion. Nvidia remains the only company to have closed a trading session above $5 trillion.
The rally has lifted Apple about 25% year-to-date, outpacing the S&P 500's 13.4% gain and the roughly 10% advance in the Roundhill Magnificent Seven ETF. The move has accelerated since Apple's September 9 product event, with shares up about 7.2% for the month.
Much of the investor focus centers on the iPhone Duo, Apple's first foldable smartphone, introduced alongside the iPhone 18 Pro and Pro Max under new CEO John Ternus. The company also detailed Apple Intelligence updates through iOS 27 and macOS 27. Bank of America analyst Wamsi Mohan set a $370 price target and called the Duo a meaningful form-factor change that integrates hardware and software. Citi described it as Apple's biggest new hardware category since the watch and AirPods.
Gene Munster of Deepwater Asset Management estimates the Duo could account for about 8% of iPhone units and 14% of iPhone revenue in fiscal 2027, citing its premium price. Evercore ISI's Amit Daryanani said demand may exceed supply for the next three to six months and estimated that capturing just 5% of Apple's installed base could generate about $25 billion in revenue. Morgan Stanley's Erik Woodring maintained a $360 target and said 57% of iPhone users have devices older than the iPhone 15 Pro.
Still, risks remain. Morningstar's William Kerwin expects memory-cost pressures to compress margins by around 1% in fiscal 2027 before recovering in 2028. Apple's measured AI strategy may complement hardware growth without the heavy infrastructure spending of peers, but the valuation debate is unchanged: the company must show that higher prices, foldable demand, and Apple Intelligence can extend growth from an already large base.
In its June-quarter results, Apple reported $109.4 billion in revenue, up 16% year over year, with iPhone sales of about $54.3 billion and Services revenue of about $30.7 billion. Management's September-quarter revenue growth forecast of 9% to 11% missed the roughly 12% analysts expected, a reminder that the $5 trillion milestone remains an intraday story rather than a durable closing valuation.
