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Apple market value tops $5 trillion after unveiling new smart-home device

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Apple market value tops $5 trillion after unveiling new smart-home device

Apple’s market value crossed $5 trillion on Wednesday, with its shares trading at $344.61, following the launch of a new smart-home product.

Apple had briefly crossed the $5 trillion mark for the first time on July 28, becoming the second company after Nvidia to reach the milestone.

The latest development follows the unveiling of the HomeView smart-home hub at an event in New York on Tuesday. The device uses data from users’ iPhones to make Siri, Apple’s voice assistant, more personalised. It also includes privacy safeguards designed to prevent Apple from accessing that information.

The launch is an important test of Apple’s artificial intelligence (AI) strategy as it tries to catch up with Amazon and Google in the smart-home and AI markets, while maintaining its focus on privacy.

Apple has continued to benefit from strong demand for its products without matching the scale of AI spending by some of its technology rivals. Heavy investment in AI infrastructure has put pressure on some companies’ cash reserves and prompted them to take on significant debt.

In its fiscal third quarter, reported on July 30, Apple posted revenue of $109.42 billion, up 16.4% from a year earlier. Earnings per share came in at $2.02, beating analysts’ estimate of $1.89.

iPhone revenue rose 22%, while Mac revenue increased 29%. Revenue from services grew 12% to $30.7 billion.

Tariff refunds added 11 cents to Apple’s earnings per share during the quarter.

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