Apple hits $5 trillion（約800兆円） market value amid AI strategy shift

Apple briefly crossed $5 trillion（約800兆円） in market value, marking a historic milestone for the consumer technology company as investors continued to reward its hardware strength despite mounting concerns about its artificial intelligence strategy. The valuation surge reflects a remarkable recovery: the company passed $4 trillion（約640兆円） in October 2025, and its shares have gained about 24% this year and nearly 60% over the past 12 months, propelled largely by resilient iPhone demand even as the broader tech sector grappled with uncertainty.

Yet the $5 trillion（約800兆円） moment masks a strategic challenge. Apple has moved more slowly than several technology rivals in generative AI, a gap now impossible to ignore. The company delayed major Apple Intelligence features, including an upgraded Siri, and opted to partner with Google to use Gemini models for the voice assistant rather than deploy its own technology. This decision signals that Apple's internal generative AI capabilities were not ready to meet investor and consumer expectations, forcing a tactical retreat into partnership with a rival.

The company is also contending with cost headwinds. Higher memory and storage expenses have contributed to price increases for some Mac and iPad products, a move that could dampen sales in price-conscious segments. Against this backdrop, Apple is preparing to launch new devices designed to reignite growth: a redesigned Siri is expected to enter beta later this year alongside the iPhone 18 lineup and the company's first foldable iPhone, long-rumored products that may signal a shift in the company's product strategy.

Adding to the complexity, CEO Tim Cook is expected to hand control to John Ternus on Sept. 1, a major leadership transition that investors will watch closely. With the valuation now at historic highs and questions swirling about AI readiness and cost inflation, the new leadership team will face immediate pressure to prove that new devices, updated AI features, and fresh strategic direction can sustain Apple's valuation and reignite profitable growth.

Apple's jump to $5 trillion（約800兆円） reflects investor confidence in its core hardware business—particularly iPhones, which remain resilient despite a broader market slowdown. However, the timing of this milestone exposes a strategic vulnerability: while the company has been rewarded for execution in consumer electronics, it has fallen behind in generative AI, a technology that capital markets now treat as essential to long-term valuation. The delay of Apple Intelligence features and the decision to license Google's Gemini models for Siri rather than deploy proprietary AI suggests the company's internal generative AI roadmap was not ready to meet market expectations.

Compounding this challenge are rising component costs. Higher memory and storage expenses have forced Apple to raise prices on Macs and iPads, a move that could pressure demand in price-sensitive segments and offset the tailwind from iPhone strength. The leadership transition—with Tim Cook handing the CEO role to John Ternus on Sept. 1—arrives at a moment when the company must prove it can close the AI gap while managing cost pressures. Investors will scrutinize whether Ternus can accelerate Apple's generative AI strategy and whether the company's announced devices, including the first foldable iPhone and redesigned Siri entering beta later this year, can reignite growth beyond the iPhone franchise.

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