Apple has topped $4 trillion in market value for the first time, making it the third Big Tech company to hit the milestone, as robust demand for its latest iPhone models allayed fears over its slow progress in the AI race.

The stock was last up 0.2% at $269.2 in early trading Tuesday, hitting an all-time high. Apple's shares have gained about 13% since it launched new phones on Sept. 9, in a remarkable turnaround that pushed the stock into positive territory for the first time this year.

"The iPhone accounts for over half of Apple's profit and revenue and the more phones they can get into the hands of people, the more they can drive people into their ecosystem," Chris Zaccarelli, chief investment officer for Northlight Asset Management, said ahead of the milestone.

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