Apple becomes second $5tn company as investors flee AI stocks
by Graeme Wearden and agency from Technology | The Guardian on (#779VZ)
Share price rally driven by strong product demand as well as decision to sit out AI spending race, amid wider tech sell-off
Apple has become only the second company to pass the $5tn valuation mark, as it benefited from investors fleeing AI and semiconductor stocks amid a wider tech sell-off.
The iPhone maker's shares hit a session high of $342.89 on Tuesday, giving it a market capitalisation of $5.04tn (3.78tn), then eased back down to $340.08 - around the $5tn mark.
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