I'm LongbridgeAI, I can summarize articles.Apple shares hit an intraday high, briefly crossing the $5 trillion market cap threshold, driven by excitement over the new iPhone 18 Pro and the debut of the foldable iPhone Duo. While Nvidia remains the only company to close above this milestone, analysts predict Apple could join it soon due to strong product demand and a disciplined AI spending strategy. Bank of America set a price target of $370, citing positive volume cycles and hardware-software integration.
By Christine Ji
A new foldable iPhone and a disciplined AI-spending approach have sent Apple shares to new highs this year
Shares of Apple have climbed 7% since the company unveiled the iPhone 18 Pro models and its first-ever foldable iPhone Duo.
Apple is closing in on a major milestone as excitement mounts for the company's new iPhones and artificial-intelligence strategy.
Shares of Apple (AAPL) notched an all-time intraday high of $345.34 on Tuesday before ending the day at $339.75, for a market capitalization of $4.96 trillion. The company briefly crossed the $5 trillion market-capitalization threshold during the trading session, according to Dow Jones Market Data.
Apple had also touched the $5 trillion milestone earlier this year, during intraday trading on July 28 and July 29.
Thus far, Nvidia (NVDA) is the only company that has closed over the $5 trillion mark. But some analysts are confident that Apple shares could continue to march higher as the iPhone 18 cycle unfolds. Bank of America analyst Wamsi Mohan gives the stock a price target of $370, well above the $342.60 target that would result in a $5 trillion market cap.
Excitement following Apple's recent product launch has sent shares up 7.2% since the beginning of the month. Under new CEO John Ternus, the company debuted the iPhone 18 Pro and Pro Max, along with the first-ever foldable iPhone Duo. Apple is also rolling out its latest Apple Intelligence updates through its iOS 27 and Mac OS 27 upgrades.
The introduction of a foldable phone expands Apple's total addressable market and could gain mainstream adoption over time, analysts believe.
"The Duo represents a meaningful form-factor change after a long time and seamlessly integrates hardware and software," Mohan wrote in a note following the Sept. 9 announcement.
JPMorgan analyst Samik Chatterjee believes Apple will be able to maintain a positive volume cycle even with price increases on its phones thanks to leasing, trade-ins and carrier subsidies. The iPhone Duo's "impressive display of features" also sets Apple up for potential volume upsides on a premium offering, he wrote in a note this month.
Beyond recent hardware announcements, Apple has taken a more measured approach to AI compared with other Big Tech companies that are spending hundreds of billions of dollars on building out data-center infrastructure.
That's paid off for investors, as shares of Apple have rallied 25% this year, while the Roundhill Magnificent Seven ETF MAGS has gained 10% and the S&P 500 index SPX has advanced 13.4%.
Also: Apple's stock could be the savviest buy within Big Tech, according to this analysis
-Christine Ji
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