Apple surpasses $4.9 trillion market cap despite a $3.3 trillion rout in global chip stocks since June.
The PHLX Semiconductor Index fell over 20% from its June peak, entering a bear market. Meanwhile, Apple shares reached an intraday high of $334.98, briefly reclaiming its position as the world’s most valuable company with a $4.9 trillion valuation.
Global chip stocks have lost $3.3 trillion in market value since June 22, driven by investor concerns over AI infrastructure costs and profitability. Memory chipmakers, once beneficiaries of the AI boom, led the declines. Apple avoided heavy AI spending, allocating just $12.7 billion in capital expenditures for fiscal 2025 while generating $98.8 billion in free cash flow.
Apple’s fiscal second-quarter revenue rose 17% year over year to $111.2 billion, with iPhone sales setting a March-quarter record. Shares have surged nearly 59% over the past year, outpacing broader tech sector volatility.