July 28 (UPI) — On Tuesday, Apple became the second company to pass the $5 trillion valuation mark, one day after it passed Nvidia to become the world’s most valuable publicly traded company.

While Apple held the $5 trillion mark for a brief time, that still leaves it in rare territory. Nvidia was the first company to hit the $5 trillion valuation mark, which it did in October. Companies calculate this valuation by multiplying a company’s share price by its outstanding shares.

Apple shares have climbed 25% this year, outpacing many other tech companies, CNBC reported. The stock hit a high of $342.89 Tuesday before falling slightly.

The company has benefited lately from investor concerns about AI companies’ investment spending, borrowing and debt involving artificial intelligence.

While many tech companies, including Meta, Microsoft and Amazon, are putting billions into AI infrastructure, Apple has avoided that, using cloud infrastructure and AI tech from Google and largely keeping away from the huge cost outlays spooking investors, CNBC said.

Apple will report its latest quarterly earnings Thursday. This comes as Tim Cook steps down as CEO and becomes executive chairman of the board and John Ternus takes over as CEO on Sept. 1.