Apple's market cap hits $500.5 billion

Apple achieved a market capitalization of $500.5 billion at the close of trading on October 14, as reported by the Wall Street Journal. This marks the first time Apple has maintained this level at the end of a trading session, previously only reached by Nvidia.

Apple's stock performance and growth

Apple's stock closed at $342.96 on Wednesday, having briefly surpassed the $500 billion threshold during the session. The company crossed the $400 billion threshold in October of last year, and its stock has risen 26% since January and 40% over the past twelve months.

New leadership and product launches

Apple's achievement comes just over a month after John Ternus became the company's new CEO, succeeding Tim Cook. It also occurs two days before the start of pre-orders for the iPhone Duo, Apple's first foldable iPhone, expected to launch on October 23.

New product features and pricing

The iPhone Duo is priced at 2,339 euros and is expected to raise the average selling price of iPhones, potentially improving Apple's profitability. Bloomberg reports that Apple is also expected to unveil a touchscreen MacBook and a redesigned iPad by the end of the month.

AI strategy and challenges

Apple's growth has been driven by strong iPhone sales, but the company has faced criticism for lagging in the artificial intelligence race. It is now working to clarify its AI strategy, using Google's models and preparing updates for Apple Intelligence, including Siri's AI functions.

Component shortages and pricing pressure

Apple is also dealing with a shortage of memory and storage components, which is increasing the pressure on the prices of its products. A potential price increase could affect consumer demand and impact sales, especially as the company prepares to release its fourth-quarter financial results on November 2.

Market performance and record high

During the session, most technology stocks declined, with Oracle down 8.83%, Meta 3.27%, Nvidia 3.16%, and Microsoft 1.8%. Apple's stock rose 0.5%, reaching $347.07, just 0.31% below its record high of $348.15.