Apple has a new CEO, artificial intelligence powered Siri, and a foldable iPhone, and now it has something else in its sights: a record closing market capitalization. The stock was on track to close above the $5 trillion milestone for the first time on Tuesday.

Apple stock was rising 1.2% to $342.96, putting the market cap at just above $5 trillion. According to Dow Jones Market Data, Apple will close above a $5 trillion market cap if the stock closes at $342.602.

This isn't the first time Apple hit this market value during regular trading hours. The last time was on July 28 and July 29 of this year. But the stock has yet to close above this milestone. Today might be the day it finally happens.

The only other company to trade above a $5 trillion market cap is Nvidia, which hit the milestone on Oct. 29, 2025.

Apple shares have been on an upward swing this year as Wall Street looks to the stock as a safe haven during times of volatility in the tech space. Other tech giants are spending massive amounts of capital on developing AI and building out the infrastructure to power the tech, which has taken a toll on their free cash flows. Meanwhile, Apple has taken a different approach to its spending heavy peers. That's attracted some nervous tech investors.

Apple is also going through a transformative period. New CEO John Ternus took over from Tim Cook at the beginning of the month. Then on Sept. 9, the company showcased the foldable iPhone Duo, which introduces the biggest change to the iPhone's physical design ever. The iPhone Duo starts at $1,999-the most expensive iPhone yet-and is available on Oct. 23.

There is a concern that the hefty price tag of the Duo could crimp demand, but Wall Street seems optimistic.

"We expect a strong iPhone cycle with the higher ASPs [average selling prices] and uptake of Duo," BofA Securities analyst Wamsi Mohan wrote on Sept. 17. He rates Apple as a Buy with a $370 price target.

Mohan also thinks that "Siri AI should drive increased interest in upgrades."

The AI powered Siri has officially become available for download after multiple delays and is only accessible through newer iPhone models. Positive feedback on the new Siri leads some analysts to believe the software will incentivize more iPhone upgrades down the line.