Apple Inches Towards Record $5 Trillion Market Cap in Anticipation of Q3 Earnings
Apple Inc. (AAPL) stands on the brink of an unprecedented achievement as its stock nears an all-time high of $334.99. This comes in the wake of Wall Street’s keen anticipation for the company’s third-quarter fiscal 2026 earnings report on July 30. Apple’s market capitalization is teasing the $5 trillion threshold — a feat no company has ever accomplished — following a more than 20% surge in shares year-to-date. This impressive rally positions Apple as the top performer among the “Magnificent 7”.
The stock’s extraordinary ascent has been propelled by a change in investor sentiment towards Apple’s AI strategy, robust iPhone 17 demand, and record earnings. In Q2 2026 (ended March 28), Apple reported a 16.6% year-over-year revenue growth and a 21.8% rise in diluted EPS. Remarkably, Apple has largely sidestepped the massive capital expenditure spiral that has ensnared its Big Tech counterparts — its capex totaled a mere $4.3 billion in the first half of fiscal 2026 — ensuring an exceptionally robust free cash flow.
Both Bank of America and Morgan Stanley predict Q3 results to surpass Wall Street’s consensus. BofA projects a revenue of $109 billion and an EPS of $1.89. Citi analyst Asiya Merchant maintains a Buy rating and a price target of $365. Investors are keenly watching the expected launch of the iPhone 18 in September, which, along with Apple’s debut foldable iPhone, is anticipated to trigger a 46% surge in global foldable phone panel shipments in the latter half of the year.
A 3.5% single-day surge in Apple shares on July 24 contributed to a 235-point boost in the Dow Jones Industrial Average.
Source: TradingKey — Apple Stock Price Forecast, July 24, 2026