Three names now sit in the $4 trillion club: Nvidia, Microsoft and, briefly on Tuesday, Apple. It is the headline of an AI-fuelled rally that has pushed technology shares to record highs and filled many UK portfolios, through ISAs, SIPPs and pension funds, with exposure to these US giants.
The equity market continues to ignore the government shutdown (perhaps treating it as a positive) and, more importantly, the slowdown signals emanating from the economy itself. For the week ending Friday, October 24th, the euphoria continued with the major indexes all up in the two percentage point range for the week, putting the month of October, which had been lackluster, solidly in the green (see table).
Apple reportedly asked a judge Monday (Oct. 27) to dismiss a racketeering lawsuit brought by Fintiv.
A French court has ordered Apple to pay around 39 million euros ($45 million) to mobile network operators over accusations it imposed unfair contract conditions to allow them to sell iPhones.
AAPL's fiscal Q4 results are set to shine on strong Services and Mac growth, even as iPad sales face a modest decline.
Despite investor fears, US stocks are primed to melt up into the historically strong fourth quarter. Easing trade fears, a Dovish Fed, and robust earnings are bullish tailwinds for stocks into year-end.
Tim Cook's Apple Inc (NASDAQ:AAPL) was last seen trading up 0.3% at $269.67, earlier surpassing the $4 trillion market cap level.
Apple is scheduled to report its fiscal fourth-quarter earnings after the closing bell Thursday, with traders betting on a move in the iPhone maker's stock that could take it to new highs after the results.
Stronger-than-expected demand for the new iPhone 17 series reportedly helped drive Apple's market capitalization above $4 trillion on Tuesday (Oct. 28). Apple became the third public company to reach that milestone, following Nvidia and Microsoft, which both reached it in July, Bloomberg reported Tuesday.
Apple's shares have gained about 13% since the new launches on Sept. 9, in a remarkable turnaround that pushed the stock into positive territory for the first time this year.
This is a developing story.
Apple and Microsoft are now both worth more than $4 trillion each.