Apple hits record $320.53 as market cap reaches $4.71 trillion

Apple Inc. rose 1.65% to $320.53 on July 13, breaking above its early June high to set a new all-time record and pushing its market capitalization to $4.71 trillion.

The gain came as AI-related tech stocks broadly declined, suggesting rotation into Apple shares on company-specific catalysts rather than sector-wide momentum. "Apple's ability to hit new highs while AI peers pull back points to the durability of its Services-driven earnings model," said Sarah Lin, equity analyst at Edgen. "The market is pricing in the compounding power of a $31 billion quarterly Services revenue stream at 77% gross margins."

Apple's latest record extends a rally that has lifted the stock 45.86% over the past year and 13.74% year to date. The company reported fiscal Q2 revenue of $111.18 billion in April, up 16.6% from a year earlier, powered by iPhone 17 demand and an all-time Services record of $30.98 billion. The board authorized a fresh $100 billion buyback and raised the quarterly dividend 4% to $0.27 per share.

The $4.71 trillion valuation cements Apple's position as the world's most valuable company, ahead of Nvidia and Alphabet. The stock now trades at a trailing price-to-earnings multiple of roughly 38, above its five-year average, reflecting investor confidence that Services revenue and aggressive capital returns can sustain earnings growth even as hardware cycles mature. Apple reports fiscal third-quarter results on July 30, with management guiding for revenue growth of 14% to 17% and gross margin of 47.5% to 48.5%.

This article is for informational purposes only and does not constitute investment advice.