- Apple became the second company to reach a $5 trillion market valuation, hitting a high of $342.89 per share.
- Apple overtook Nvidia as the world's most valuable company, benefiting from avoiding the AI spending race that is draining rivals' cash flows.
- The AI stock sell-off intensified due to concerns over borrowing for data center expansion and competition from cheaper Chinese chip-making tools.
- Google's announcement of increased capital spending and negative free cash flow added to investor jitters about AI industry circular funding.
- Apple's strategy of holding iPhone prices steady and launching a leasing program with Klarna boosted demand.
- Apple stock has risen 24% year-to-date, outperforming other Magnificent Seven stocks, with third-quarter earnings expected to show over 15% revenue growth.