Apple has officially reached a market capitalization exceeding $5 trillion at the close of trading, becoming the second company in history to achieve this milestone after Nvidia.
During Tim Cook's 15-year tenure, which concluded on August 31, Apple's market value grew 13-fold. Annual iPhone sales nearly quadrupled, while the services division expanded from $10 billion to nearly $100 billion annually.
The company's wearable devices, Apple Watch and AirPods, now generate over $30 billion in annual revenue. Additionally, Cook oversaw the distribution of over $1 trillion to shareholders through stock buybacks and dividends.
Apple currently faces rising costs for memory chips used in its hardware, leading to price increases across its product lines. Despite these expenses, investors maintain confidence in the company's ability to sustain profitability.
The company is currently integrating AI features into its ecosystem, including a partnership with Google to improve Siri. Meanwhile, Apple is involved in ongoing legal proceedings against OpenAI, accusing the firm of misappropriating trade secrets.
