Apple hits record close, reclaims $5 trillion market value

Apple ↘ 0.95% shares closed at a record $350.69 on Monday, November 9. The stock rose $8.32, or 2.43%, and finished above $350 for the first time, according to Yahoo Finance trading data. The close beat the previous record of $349.51, set on November 4. It also pushed Apple's market value back above $5 trillion, to about $5.096 trillion, 24/7 Wall St. reported.247wallst.com+1

That puts Apple well ahead of Nvidia ↘ 5.70%, valued at about $4.31 trillion, and Microsoft ↘ 0.41%, at about $4.05 trillion, according to MacDailyNews. The stock's all-time intraday high is still $355.38, reached on November 5.macdailynews.com

A split day for Big Tech

Apple's gain came as the S&P 500 ↘ 0.84% had its best session since April. Nvidia went the other way and fell 4.27%. Benzinga cited a CNBC Comcast Corporation ↗ 0.45% report that Democrats winning control of both chambers of Congress could lead to tougher data-center restrictions. Those rules would likely hurt Nvidia more than Apple, which doesn't depend on a large data-center buildout to sell iPhones.benzinga.com+1

Apple also had news from China on Monday. Reuters reported that Apple Intelligence had been registered for use on tablets and laptops in the country. The approval follows clearance for iPhones in July. Alibaba ↘ 2.12% said Qwen-powered features are expected to reach Chinese users in December with iOS 27.3. Days earlier, Apple raised $7.5 billion in a bond sale that drew about $31 billion in orders at its peak, Bloomberg reported.benzinga.com

Earnings and margin pressure

Apple first closed above $5 trillion on October 14, becoming only the second company to do so after Nvidia in October 2025. On November 2, it reported record September-quarter revenue of $114.5 billion, up 12% from a year earlier, and diluted earnings per share of $2.10, up 14%.247wallst.com

The outlook was less upbeat. Apple warned that rising memory-chip prices would squeeze margins in the holiday quarter, and CEO John Ternus called memory pricing "unprecedented," HNGN reported. The company expects gross margin of 45% to 46%, down from 47.9% in the September quarter.hngn.com

Valuation questions

The rally has pushed the shares above the $340.77 average price target from 45 analysts, who rate the stock a consensus Buy. Apple trades at about 39 times earnings and is up more than 29% in 2026. Some brokers have raised their targets to between $360 and $400, MacDailyNews noted. The next tests are October consumer price data, due Tuesday morning, and Nvidia's earnings on November 17.macdailynews.com+1