Apple closed above a $5 trillion market valuation for the first time Wednesday, becoming only the second publicly traded company to finish a trading session above the threshold. Shares rose 0.5% to a record closing price of $342.96, giving the technology giant a market capitalization of approximately $5.005 trillion, according to The Wall Street Journal.

The milestone came on Apple’s seventh move above the $5 trillion mark during regular trading. On six previous occasions, the company’s stock briefly pushed its valuation beyond the threshold before falling back below it by the market close.

Apple reached the record even as technology stocks faced a difficult session. The Nasdaq Composite fell nearly 1.9% Wednesday amid concerns about inflation and the possibility of higher interest rates. Nvidia remains the only other company to have closed above a $5 trillion market valuation, with its market capitalization standing at roughly $5.3 trillion, according to the Journal.

The achievement follows a period of substantial expansion for Apple. Its market value increased approximately 13-fold during Tim Cook’s 15-year tenure as chief executive. Cook stepped down on September 1, handing leadership to John Ternus, a longtime Apple executive now tasked with maintaining the company’s growth and competitive position.

Under Cook, annual iPhone sales nearly quadrupled, while Apple’s services business, which includes subscriptions and other digital offerings, grew from approximately $10 billion in annual revenue to more than $100 billion. Cook also oversaw the introduction of the Apple Watch and AirPods, which together generate more than $30 billion in annual revenue.

Apple also returned more than $1 trillion to shareholders through stock buybacks and dividends during Cook’s tenure, the Journal reported.

Investors are now looking to Apple’s latest products to sustain that momentum. The company’s iPhone 18 Pro models and the anticipated launch of its first foldable smartphone are among the developments being closely watched.

The foldable device could test whether Apple can generate significant consumer demand in a new product category while contending with rising component costs. Investors will be looking for evidence that new devices can produce enough sales and revenue to support the company’s lofty valuation.

Ternus also faces pressure to strengthen Apple’s position in the rapidly developing field of artificial intelligence. Apple has fallen behind some competitors in developing advanced AI models and has pursued outside partnerships, including work with Google to improve its Siri assistant.

Competition is also expanding beyond traditional smartphone and software markets. OpenAI has been broadening its ambitions into consumer devices, potentially creating another competitive challenge for Apple as technology companies seek to establish new hardware platforms.

Apple’s next earnings report, scheduled for November 2, is expected to provide investors with a clearer picture of demand for its latest devices and the effects of higher component costs on its business. With its market value now above $5 trillion, the company faces growing expectations that it can maintain the growth and innovation that defined Cook’s leadership.