Apple briefly reached a historic $4 trillion market capitalization on Tuesday, becoming just the third company in history to touch that level.

A modest rise in the stock during early trading was enough to push the iPhone maker’s valuation above the mark for the first time, though shares later settled to close the day at roughly $3.99 trillion.

The move places Apple alongside Nvidia and Microsoft, which each surpassed the $4 trillion benchmark earlier this year. Nvidia continues to surge, closing Tuesday at about $4.88 trillion, while Microsoft’s value climbed back to roughly $4.03 trillion on renewed excitement surrounding the company’s multibillion-dollar stake in OpenAI, now estimated at $135 billion.

Apple’s gains this year have trailed many of its largest competitors amid concerns that the company is struggling to keep pace in the artificial intelligence race. Its stock is up just 7.5% so far in 2025, far behind Nvidia’s 50% jump and strong advances from Alphabet and Meta. The S&P 500, by comparison, has gained 18%.

However, the company has enjoyed a turnaround over the past few months. A September court ruling allowed Google to continue paying Apple billions annually to make its search engine the default on iPhones and other devices — preserving a critical revenue stream. Around the same time, Apple launched its latest generation of iPhones, including the new ultra-thin iPhone Air. After an initial delay in China, the model sold out within minutes once it became available.

Investor sentiment has also been boosted by several analyst upgrades and improvements in broader tech stocks. Apple has now outpaced Amazon and Meta over the past month and nearly matched Nvidia’s performance during that same period.

The company has also benefited from tariff exemptions during President Donald Trump’s trade disputes, shielding many Apple products from import duties. CEO Tim Cook has maintained a close relationship with the White House, appearing with Trump at international events including a state dinner in the United Kingdom and a recent visit to Japan.

Apple will reveal its latest financial results on Thursday. Analysts expect the company to comfortably exceed $100 billion in quarterly revenue, and many on Wall Street believe the stock still has room for further gains.