Apple becomes world’s most valuable company with $5.1 trillion market cap as AAPL stock today hits record high after Democrats win midterm elections

Apple stock rose to a record high on Wednesday after US markets rallied following the Democrats’ sweeping victories in US midterm elections. It pushed the iPhone maker’s market capitalization above $5 trillion. This made it the most valuable company in the world.

Shares of AAPL increased over 6%, moving above $354 and surpassed the stock’s previous record. The rally followed an early-week pullback after the company’s latest earnings report.

The gains came as investors reassessed the implications of the election results for major technology companies. With Democrats winning control of both chambers of Congress, concerns about potential restrictions on data center expansion weighed on parts of the AI sector, but Apple and other large technology stocks moved higher.

Apple Stock (AAPL) Rises as Market Cap Crosses $5 Trillion

Apple’s latest rally lifted its market value to $5.1 trillion and it is now the most valuable company in the world, according to The Kobeissi Letter. The milestone came during a broader advance in US stocks on Wednesday, with Apple and Microsoft among the technology companies reaching all-time highs.

The market reaction was not uniform across the technology sector. Investors weighed the possibility that a divided government could limit major policy changes against concerns that Democratic gains in areas with significant data-center development could increase scrutiny of the industry.

Why the Democrats’ Midterm Win Matters for Apple Stock

Democrats’ victories in the midterm elections could give Apple a potential advantage as investors reassess which technology companies are best positioned for a period of greater scrutiny over AI infrastructure spending.

Because unlike companies whose growth depends heavily on building data centers, Apple generates revenue primarily through its iPhone business and services, giving investors a different way to gain exposure to the technology sector.

Evercore ISI analyst Amit Daryanani sees Apple as a defensive choice amid uncertainty over the political and regulatory environment in Washington, as per Yahoo Finance report. He pointed to resilient demand for Apple products, iPhone pricing and its services business, while noting that a recovery in gross margins and consumers’ sensitivity to prices remain important factors to watch.

Another potential benefit concerns memory chip costs. Daryanani pointed out that, Memory input inflation (DRAM & NAND) has been a sizable headwind for a host of names in our coverage (AAPL for example, talked about 140bps GM headwind in Dec-qtr due to memory, but also PC names)," adding, "Could a slowdown in DC buildouts actually temper memory demand and, in a way, help companies that have been impacted by the sizable memory inflation (AAPL is the key one but there are many others)?"

The election results do not guarantee lower memory prices or stronger profits for Apple. However, they have given investors another reason to consider the company’s business model as they weigh the potential risks facing data center expansion and the broader AI trade.

Apple Earnings Add to the AAPL Stock’s Momentum

Apple reported fiscal fourth quarter 2026 revenue of $114.5 billion. Which is an increase of about 12% from a year earlier and also above the $113.35 billion analysts had expected. Diluted earnings per share came in at $2.10, compared with consensus estimate of $1.99.

The iPhone remained the company’s largest revenue driver. Sales from the product category rose 17.5% to $57.6 billion, while Services revenue reached a record $31.57 billion.