Apple briefly 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. Its stock briefly reached $269.89, giving Apple a market value of $4.005 trillion, before receding and ending the day up 0.1%, giving the company a value of $3.992 trillion.

Apple’s shares have gained about 13% since the new launches on September 9, in a 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 fo

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