Apple valued at more than US$5 trillion for first time

NEW YORK - Apple became only the second company to break the US$5-trillion market capitalisation mark on Tuesday, German Press Agency (dpa) reported.

The decisive factor in United States (US) trading was a temporary rise in the share price of almost two per cent to a record high of US$342.89 per share.

Afterwards, Apple's share price initially fell back to just below the five-trillion mark, but it remains the most valuable company on the US stock market, ahead of chip specialist Nvidia.

Nvidia had previously been the only company to reach a market capitalisation of US$5 trillion.

At its peak in mid-May, the pioneer in artificial intelligence (AI) chips was worth around US$5.7 trillion. However, in recent weeks, share prices of AI companies have fallen following renewed doubts about the sustainability of the costly boom in AI infrastructure.

Apple's share price, by contrast, has been on an upward trend. - BERNAMA