Apple (NASDAQ: AAPL) has reached a $5 trillion market cap, rising 21.5% over the past month and overtaking Nvidia(NASDAQ: NVDA) as the most valuable company, trading at $341.38 at the time of writing, July 29.
Accordingly, a $1,000 investment in the iPhone maker a month ago would now be worth approximately $1,212, a gain of over $200 in just four weeks as the shares went from $281.74 to $341.38 at press time.
The rally is more noteworthy as Apple is not as closely tied to artificial intelligence (AI) as much as some of its tech competitors, such as Nvidia and Micron Technology (NASDAQ: MU), which have been going through some volatility in the same period, despite their close involvement with the market’s primary growth driver.
For comparison, Micron has crashed 30% in the past month as investor concerns about the sustainability of the AI-driven memory boom become more pronounced, while Nvidia shares have dropped 1.3%, being unable to regain the momentum it enjoyed in the second quarter.
Apple stock rallies ahead of earnings as the iPhone maker becomes the most valuable company
Thanks to the ongoing rally, Apple has become the strongest-performing member of the Magnificent Seven technology stocks in 2026. Tomorrow’s earnings call, expected to be Tim Cook’s final one as CEO, is expected to provide additional growth catalysts, as the company has beaten both earnings and revenue estimates in each of the past eight quarters.
In the previous quarter, Apple posted record revenue of $111.2 billion and earnings per share of $2.01, representing year-over-year increases of around 17%** and **22%, respectively. Services revenue climbed to a record $31 billion, helping lift gross margins as recurring revenue continued to grow. This quarter, Wall Street expects Apple to report earnings of $1.89 per share on revenue of approximately $108.9 billion.
iPhone demand has ALSO remained resilient, with shipments reportedly rising 3% during the quarter, while Apple’S global smartphone market share reached a record 20%. The continued hardware momentum could aid further expansion of the high-margin services business, which has consistently delivered mid-teen revenue growth.
Featured image via Shutterstock
