Apple hits $5T market value for first time

Apple's market capitalization briefly hit $5 trillion for the first time Tuesday, a day after the iPhone maker surpassed Nvidia to become the world's most valuable publicly traded company.

Apple shares rose to an intraday record of $342.89 before trimming gains. The stock has advanced about 25% since the beginning of the year.

Nvidia, which became the first company to reach a $5 trillion valuation in October, has gained about 6% this year. The chip firm closed at a record $5.7 trillion on May 14, but it has since lost about $1 trillion in valuation.

Apple is due to announce its quarterly financial results Thursday.

The company also introduced a leasing program called Upgrade on Tuesday, allowing customers in the US to lease iPhones and other products rather than purchase them outright.

The program starts at $17.99 per month and will be offered through Apple's retail stores and online store in partnership with Klarna. Leasing options will also cover Apple Watch, Mac and iPad products.

Apple raised prices on MacBooks and iPads last month as higher memory and storage costs increased pressure on device prices.

Thursday's earnings call is expected to be Tim Cook's last as chief executive. John Ternus is set to take the helm Sept. 1.