Apple Inc. (AAPL) on Tuesday became the second company in the world to top $5 trillion in market capitalization, a day after overtaking Nvidia Corp. (NVDA) to become the most valuable company. Apple's market cap reached $5.04 trillion in Tuesday's opening trade before the stock pared some of its initial gains, with its market cap at the time of writing standing at $4.98 trillion, while Nvidia's market cap hovered around $4.68 trillion. The milestone comes as Apple is reportedly preparing its biggest push into the smart home market yet, with plans to launch a Siri AI-powered home hub alongside a refreshed Apple TV and HomePod mini. Apple shares have surged nearly 19% over the past month, driven by investor optimism around its artificial intelligence initiatives and hardware expansion plans.
Apple Reaches $5.04 Trillion Market Cap in Tuesday's Opening Trade
Apple shares were up nearly 1% in Tuesday's opening trade. Apple's shares have surged nearly 19% over the past month, while Nvidia's shares have gained about 0.4%. The company's market cap reached $5.04 trillion in Tuesday's opening trade before the stock pared some of its initial gains. Its market cap at the time of writing stood at $4.98 trillion, while Nvidia's market cap hovered around $4.68 trillion.
Apple Plans Siri AI-Powered Home Hub Launch Between October and Early Next Year
According to a Bloomberg report citing people familiar with the matter, the upgraded Apple TV and HomePod mini are expected to debut this fall, while the home hub could launch between October and early next year. The centerpiece of the lineup is a home hub featuring a roughly 7-inch square display powered by a new operating system based on tvOS. The device will support FaceTime, home security monitoring, smart home controls, intercom functionality, calendars, photos and music, while using facial recognition to identify users and personalize the interface based on who is standing in front of the screen.
Apple is reportedly preparing two versions of the hub, one with a HomePod mini-like base and another designed to mount on a wall using magnets. The updated Apple TV and HomePod mini are expected to retain their existing designs but receive faster processors capable of supporting Siri AI features.
According to the report, the new devices have faced multiple delays because they depended on Apple's overhauled Siri AI platform, which was postponed following engineering and quality issues. Apple is also said to be developing a higher-end robotic home hub with a movable display and an AI-powered home security camera system.
Klarna Powers Apple Upgrade Hardware Leasing Program
On Tuesday, Klarna Group (KLAR) announced it is powering Apple Upgrade, a new hardware leasing program available through Apple in the U.S. The offering lets customers lease eligible iPhone, Mac, iPad and Apple Watch models through Klarna with monthly payments, while also allowing trade-ins to reduce lease costs. At the end of the lease term, customers can choose to upgrade to a newer device, purchase the product or return it. The program is available through Apple's online store, Apple Store app, and retail locations across the U.S.
AAPL Stock Up 25% Year-to-Date and 59% Over Past 12 Months
AAPL stock is up 25% year-to-date and 59% over the past 12 months. The S&P 500 ETF Trust (SPY) is up 16% over the past 12 months, while the Invesco QQQ Trust (QQQ) is up 19%. Retail sentiment on Stocktwits around Apple trended in the 'bullish' territory at the time of writing.
FAQ
What did Apple achieve on Tuesday?
Apple Inc. (AAPL) on Tuesday became the second company in the world to top $5 trillion in market capitalization, a day after overtaking Nvidia Corp. (NVDA) to become the most valuable company. Apple's market cap reached $5.04 trillion in Tuesday's opening trade.
When will Apple's new smart home products launch?
According to a Bloomberg report citing people familiar with the matter, the upgraded Apple TV and HomePod mini are expected to debut this fall, while the home hub could launch between October and early next year.
What hardware leasing program did Klarna announce with Apple?
On Tuesday, Klarna Group (KLAR) announced it is powering Apple Upgrade, a new hardware leasing program available through Apple in the U.S. The offering lets customers lease eligible iPhone, Mac, iPad and Apple Watch models through Klarna with monthly payments, while also allowing trade-ins to reduce lease costs.
