Apple Hits New All-Time High. Here's Why It Will Top $5 Trillion and Nvidia

Apple hit a new all-time high above $321, lifting its market cap to about $4.73 trillion and putting it within roughly $320 billion of Nvidia’s valuation. The article argues Apple can surpass Nvidia without leading in AI chips because of its enormous free cash flow, aggressive buybacks, and growing Services business, which now generates high-margin recurring revenue across more than 2 billion active devices. It also highlights Apple Intelligence as a potential upgrade driver. While higher memory costs could pressure margins and force iPhone price increases, Apple’s strong customer loyalty and pricing power may offset the impact by boosting revenue. Overall, the piece frames Apple’s path to $5 trillion as a function of ecosystem strength, cash generation, and monetization rather than AI infrastructure dominance.