- Apple reached a $5 trillion market capitalization for the first time, overtaking AI giant NVIDIA.
- The company is preparing its biggest push into the smart home market with a Siri AI-powered home hub, alongside a refreshed Apple TV and HomePod mini.
- Morgan Stanley reiterated its buy rating on Apple stock, with analyst Eerik Woodring raising the price target to $364.
- Apple shares surged nearly 19% over the past month, while Nvidia shares gained only about 0.4%.
Apple (AAPL) hit a $5 trillion market capitalization for the first time on Tuesday, surpassing AI giant Nvidia (NVDA) in the race. The stock reached $5.04 trillion in early trading before paring gains, and at the time of writing stood at $4.96 trillion, while Nvidia’s market cap hovered around $4.75 trillion.
The iPhone developer is reportedly preparing its biggest push into the smart home market yet, with plans to launch a Siri AI-powered home hub alongside a refreshed Apple TV and HomePod mini. This move represents Apple’s strongest challenge to Amazon’s Echo ecosystem and Google’s Nest platform.
Consequently, Apple’s shares have surged nearly 19% over the past month, while Nvidia’s shares have gained about 0.4%. The company’s late arrival in the AI race has quickly accelerated, with Wall Street experts following with bullish coverage.
Meanwhile, leading global investment bank Morgan Stanley has reiterated its buy rating on Apple stock. Eerik Woodring, the Managing Director and Equity Research analyst at Morgan Stanley, gave the stock a price target of $364, briefly hiking it from $360.
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