Apple becomes second ever $5tn company as investors flee AI stocks

Share price rally driven by strong product demand as well as decision to sit out AI spending race, amid wider tech sell-off

Apple has become only the second company to pass the $5tn valuation mark, as it benefited from investors fleeing AI and semiconductor stocks amid a wider tech sell-off.

The iPhone maker’s shares hit a session high ⁠of $342.89 on Tuesday, giving it a market ⁠capitalisation of $5.04tn (£3.78tn), then eased back down to $340.08 – 0.94% up and around the $5tn mark.