Apple briefly crossed $5 trillion in market value on Tuesday, becoming only the second company in history to reach this milestone, less than a year after first surpassing $4 trillion. The company reported fiscal Q3 2026 revenue of $109.4 billion, up 16% year-over-year, with earnings per share of $2.02, up 29%, beating Wall Street estimates. Shares dropped roughly 7% in after-hours trading following the results, as investors raised concerns about supply constraints that will affect iPhone and Mac sales in the coming months. Tim Cook presided over his final earnings call as CEO, with John Ternus set to take over as chief executive on September 1. Unlike Meta, Google, Microsoft, and Amazon, Apple has largely avoided the AI infrastructure spending race, and investors increasingly view this as an advantage, positioning the company to monetize AI through its devices, software, and services ecosystem.
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