Apple recently closed above a $5 trillion market cap for the first time, fueled by resilient iPhone demand, pricing power amid rising component costs, and disciplined capital spending that contrasts with peers facing AI infrastructure pressures. New CEO John Ternus, who succeeded Tim Cook in September, oversees gains in China smartphone share despite a contracting market, plus measured rollout of Apple Intelligence features leveraging external models. Traders see the tight contest between $4.5–5.5 trillion ranges as reflecting uncertainty over sustaining momentum through year-end earnings and upcoming hardware refreshes, including potential foldables, without heavy AI capex risks.