Apple stock hits all-time high under new CEO Ternus

Apple ↘ 0.80% shares reached an all-time intraday high of $345.34 on Tuesday morning, briefly pushing the company's market capitalization past $5 trillion and marking a milestone just three weeks into John Ternus's tenure as chief executive.9to5mac+1

The record surpassed the previous intraday high of $344.57, set in late July when Apple first crossed the $5 trillion threshold. At the time of the July milestone, Apple became only the second company ever to reach that valuation, after Nvidia ↘ 1.47% hit it in October 2025.reuters+1

A Strong Start for the New CEO

Ternus officially succeeded Tim Cook on September 1 after Cook's 15-year run leading the company. On the day of the transition, shares closed at $316.85, giving Apple a market capitalization of roughly $4.68 trillion. Since then, the stock has climbed steadily, gaining nearly 9% in three weeks.macdailynews+2

The rally has been fueled in part by Apple's September 9 product event, which introduced a new iPhone 18 lineup and the company's first foldable device. Early demand signals have been mixed but broadly encouraging. Evercore ISI raised its price target to $380, citing stronger-than-expected consumer interest in the iPhone 18 Pro and Pro Max models, while UBS maintained a Neutral rating, noting shorter wait times for Pro models compared to the prior year.investing+2

Closing the Gap With Nvidia

The rally has reignited the contest between Apple and Nvidia for the title of the world's most valuable public company. Apple's shares have risen roughly 32% over the past 12 months, outpacing Nvidia's 24% gain over the same period. Nvidia's market cap sits at approximately $5.50 trillion, but the gap has narrowed as Apple has rallied while Nvidia has drifted lower since May.marketbeat

What Comes Next

Whether the momentum holds will depend on whether iPhone 18 demand translates into results when Apple reports earnings at the end of October. TD Cowen has already lifted its price target to $400 this month. But as MarketBeat noted, Nvidia's revenue is still growing several times faster than Apple's, meaning any lead Apple seizes on market capitalization could prove short-lived.marketbeat