Apple topped $4 trillion in market value for the first time on Tuesday, 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 flat at $269 after hitting an all-time high.

Apple’s shares have gained about 13% since the new launches 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,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management, ahead of the milestone.

Apple shares had struggled earlier this year on concer

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