Apple enters the $4 trillion club

Apple Inc (AAPL. O) surpassed $4 trillion in market value for the first time on Tuesday, becoming the third big tech company to reach the milestone, as strong demand for its latest iPhone eased concerns about its slow progress in the artificial intelligence race. Shares in Apple have rallied about 13 percent since the launch of the new phone on September 9, turning positive for the first time this year. "iPhone contributes more than half of Apple's profits and revenue, and the more phones you sell, the more users you can get into its ecosystem," said Chris Zacarelli, chief investment officer at Northlight Asset Management. OpenAI said it has completed a long-awaited restructuring, pushing the market value of its largest outside shareholder, Microsoft (MSFT. O), back to $4 trillion, a milestone the company reached in late July.