Apple Nears $5 Trillion Market Cap as iPhone 18 Cycle Fuels Analyst Optimism

Apple (AAPL) briefly crossed the $5 trillion market value threshold in intraday trading on September 22, 2026, hitting a record $345.34 before closing at $339.75 — a market cap of $4.96 trillion. The stock previously touched the $5 trillion mark intraday on July 28-29. Nvidia (NVDA) remains the only company to close above $5 trillion. Bank of America analyst Wamsi Mohan holds a $370 price target, above the $342.60 needed to sustain a $5 trillion close. Apple shares have risen 7.2% this month following the launch of the iPhone 18 Pro, Pro Max and the first foldable, iPhone Duo, under new CEO John Ternus. JPMorgan's Samik Chatterjee cited the Duo's "impressive feature set" as potential upside for premium sales. Apple has taken a measured AI approach relative to peers building data center infrastructure. Apple stock is up 25% year-to-date versus MAGS at 10% and the S&P 500 at 13.4%.