Apple Joins Nvidia in the $5 Trillion Valuation Club

Apple AAPL 0.50%increase; became the second company to close above the $5 trillion mark on Wednesday, capping the Tim Cook era, and posing an implicit challenge to new Chief Executive John Ternus.

The iPhone-maker’s shares closed at a record, just enough to push the company’s market capitalization into territory that only chip colossus Nvidia occupies. Apple’s market value has surpassed $5 trillion six times previously during intraday trading, but it had never closed above that level, which it squeaked past on Wednesday, ending the day at $5.005 trillion according to Dow Jones Market Data.

Cook’s act will be tough to follow. During his 15-year tenure as CEO, which ended Aug. 31, Apple’s market capitalization multiplied by a factor of 13. He nearly quadrupled the number of iPhones sold annually. He grew its highly profitable services business from $10 billion annually to more than $100 billion. He launched the Apple Watch and AirPods, which together generate more than $30 billion a year. He poured Apple’s cash into more than $1 trillion worth of share buybacks and dividends.

Today, Apple shares trade at a premium compared with the overall S&P 500 even though the company’s revenue growth rate is slower than the index’s average. That is because the company’s shares are viewed as safe, and its business predictable, say analysts.

A key to Apple’s success under Cook is how it has limited capital spending, juicing the company’s returns for investors and greatly reducing the risks of its business. That has never been more apparent than during the AI build-out, when big tech rivals have rushed to spend gargantuan sums on data centers while Apple has focused on its core businesses making devices and selling high-margin services for them.

Apple investors are so confident in its business that they have driven up its shares despite big cost increases that threaten profit margins. The cost of memory and storage chips inside iPhones, Macs and iPads has skyrocketed as demand for those chips from data centers has led to shortages. Apple has responded by raising prices across its device lineup, including for older model iPhones that would typically get a price cut.

In theory, such a move could hurt Apple since iPhone buyers might wait longer to upgrade their devices. Yet since the first wave of price increases Apple shares have jumped 25%.

In part, that is because investors think Apple device buyers will pay the higher prices, enabling Apple to generate as much or more in total profits even if margins are down, said Bank of America analyst Wamsi Mohan. He added that Apple’s new foldable iPhone Duo is likely to be popular and that the new Siri AI will prompt iPhone upgrades.

AI has long been viewed as Apple’s Achilles’ heel. The company failed in its efforts to build its own frontier model, and it also allowed its Siri assistant to fall far behind rivals. ChatGPT revolutionized what smartphone users expect from chatbots.

Apple hopes to turn a corner with the new Siri AI. Built with Google’s help, Apple’s redesigned chatbot was released this fall. It still lags behind rival AI systems in key respects, though it has the advantage of being built directly into the device that many people already use, their iPhone. Apple also has access to more personal data, which could theoretically be used for compelling AI features, though new AI agents show the technology is advancing faster than Apple’s ability to keep up.

Tech rivals know how important it is to control the devices that people use to deliver their services. Perhaps most threatening to Apple, OpenAI is planning a family of AI-powered devices. It has poached hundreds of Apple employees to drive its device strategy. Apple responded in July by suing OpenAI, alleging it stole Apple trade secrets.

OpenAI has said it is “not aware of any evidence that this complaint has merit” and alleged in a new legal filing Wednesday that Apple poached one of its own employees who took confidential files with him. Apple said in response that it had found no evidence supporting the new allegation.

AI could be the battleground where Ternus makes his mark, either ushering in a new era of innovation and growth for Apple or finally losing its status as the company that has defined how people interact with computers.

Buyers of Aston Martin’s 1,079PS Valhalla can commission one of two bespoke Breitling Super Chronomat watches, with colours and personalised details inspired by their individual car.

The relationship between cars and watches has produced countless branded chronographs, racing editions and logo-bearing collaborations. Breitling and Aston Martin are taking a more personal route with a new watch program reserved exclusively for owners of the Valhalla supercar.

Rather than offering every customer the same limited-edition watch, Breitling is opening part of its Super Chronomat design process to Valhalla owners. A dedicated configurator will allow each buyer to commission a timepiece inspired by the specification of their car and their individual tastes.

Two Super Chronomat models are available: a technically ambitious 44mm perpetual-calendar chronograph and a more compact 38mm automatic watch.

The flagship is the Super Chronomat B19 44 Perpetual Calendar Chronograph. Presented in a 44mm titanium case with Breitling’s distinctive Rouleaux bracelet, it combines a carbon-fibre dial with one of mechanical watchmaking’s most sophisticated complications.

Its automatic perpetual calendar accounts for months of different lengths, leap years and the phases of the moon. Provided it continues running, the calendar will not require manual correction until 2100—the next centurial year that will not be recognised as a leap year.

The B19 movement also provides a 96-hour power reserve, allowing the watch to be left unworn for four days without stopping. A display caseback exposes the movement and black rotor.

Valhalla owners can customise the colour of the inner bezel, seconds hand and chronograph counter hands. The rotor can also be engraved, creating a more permanent connection between the watch and its owner.

The second option, the Super Chronomat Automatic 38, offers a less complicated and more restrained interpretation.

Its 38mm stainless-steel case is paired with a textured carbon-fibre dial, a titanium crown and a diamond-set bezel. The automatic three-hand display incorporates a date window at six o’clock, while customisation extends to the colours used for the inner bezel and hands, together with a personalised caseback engraving.

The combination of carbon fibre and diamonds might appear contradictory, but it captures the dual character of the Valhalla: a car built around highly technical performance that remains unmistakably positioned as a luxury object.

The watch program draws directly from Aston Martin’s first series-production, mid-engined plug-in hybrid supercar.

Valhalla combines a 4.0-litre twin-turbocharged V8 with three electric motors to produce 1,079PS. Aston Martin claims it can accelerate from zero to 62mph—approximately 100km/h—in 2.5 seconds and reach 217mph, or about 349km/h.

Production is limited to 999 examples worldwide.

Formula One-derived technology and aerodynamic development have played central roles in the car’s engineering, but customisation is equally important to its ownership proposition. Breitling’s configurator extends that process from the Aston Martin specification studio to the wrist.

Each car will be produced at Aston Martin’s headquarters in Gaydon, England, while the watches will be made at Breitling’s Chronometrie in La Chaux-de-Fonds, Switzerland.

The program also reflects a broader change in the luxury market. Exclusivity is increasingly being defined by access rather than the simple production of another numbered edition. These watches cannot be purchased merely by joining a waiting list or paying a premium on the secondary market; the commission begins with ownership of the corresponding car.

That restriction gives the project greater authenticity than a conventional co-branded release. The strongest configurations should be those that use colour and engraving to create a subtle relationship with a particular Valhalla, rather than attempting to reproduce the car too literally.

For Valhalla buyers, the choice ultimately comes down to two very different expressions of the same idea. The 44mm B19 is the serious collector’s proposition, built around a rare combination of perpetual calendar and chronograph. The Automatic 38 is simpler, smaller and likely more versatile as an everyday watch.

Both turn the usual automotive-watch collaboration into something more individual: a timepiece configured alongside one of Aston Martin’s most significant new cars.

Watch summary

Program: Bespoke Breitling Super Chronomat watches for Aston Martin Valhalla owners

Available models: Super Chronomat B19 44 Perpetual Calendar Chronograph and Super Chronomat Automatic 38

B19 case: 44mm titanium

B19 power reserve: Approximately 96 hours

B19 complication: Automatic perpetual calendar chronograph

Automatic 38 case: 38mm stainless steel

Shared design element: Textured carbon-fibre dial

Customisation: Selected colours and personalised engraving

Availability: Exclusively for Aston Martin Valhalla owners

Valhalla production: Limited to 999 cars worldwide

Apple Joins Nvidia in the $5 Trillion Valuation Club

Apple closed above a $5 trillion market valuation for the first time, capping Tim Cook’s 15-year tenure and setting a high bar for incoming CEO John Ternus, as the company faces growing pressure to strengthen its AI capabilities and sustain growth.

Watch summary