Apple, Microsoft hit $4T milestone

Apple and Microsoft joined Nvidia in the $4 trillion market cap club on Tuesday after shares of the tech giants climbed, pushing both into the elite level.Nvidia, which hit the milestone in July, still leads both companies with a market cap of about $4.8 trillion.Shares of the tech giant hit the mark intraday before settling just below that level of $269.53 per share. Shares closed at $269 apiece.The momentum is being fueled by Apple's iPhone 17, which made its debut in mid-September. Analyst Dan Ives of Wedbush Securities says investors continue to underestimate Apple. "We believe that the Street is still underestimating the iPhone 17 cycle that we are seeing front and center with our estimates of 315 million of 1.5 billion iPhones globally not upgrading their iPhones in the last 4 years," he wrote in a research note to clients earlier this month. APPLE BUILDING NEW FACTORY IN TEXASApple CEO Tim Cook joined President Donald Trump, Treasury Secretary Scott Bessent and other business leaders during Trump's visit to Japan on Tuesday. SEE IT: APPLE CEO TIM HELPS SELL THE IPHONE 17Despite hitting $4 trillion, Apple stock this year has gained just over 7%, trailing the 23% rise in the Nasdaq Composite. Ives is also looking for more detail on the tech giant's "invisible AI strategy." Apple will report quarterly results on Thursday after the close of trading. Microsoft shares returned to the $4 trillion level, closing at $542.07 per share on the same day it reached a deal with OpenAI, which lets the company morph into a public benefit corporation that now has an estimated value of $500 billion. MICROSOFT CEO PAY SOARS ALONG WITH STOCKThe recent gains are adding to the nearly 30% jump this year. Microsoft will report results Wednesday after the close of trading. THE LATEST IN ARTIFICIAL INTELLIGENCEAt $4 trillion, Apple and Microsoft are now bigger than the GDP of each individual country except for Japan, Germany, China and the U.S., as tracked by Dow Jones Market Data Group. The gains in these two stocks are also helping support the major U.S. averages with the Dow, S&P 500 and Nasdaq Composite sitting at record highs. GET FOX BUSINESS ON THE GO BY CLICKING HEREWeiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business