Apple and Microsoft shares climbed on Tuesday, pushing both companies past a $4 trillion market capitalization.

Despite the milestone, they remain behind Nvidia, currently the world’s most valuable company with a market cap exceeding $4.6 trillion. Microsoft first reached the $4 trillion mark in July.

Apple’s shares have surged recently, fueled by strong sales of the iPhone 17 models released in September. Over the past three months, Apple shares have gained 25 per cent, while Microsoft is up 6 per cent.

Apple is set to report fiscal fourth-quarter earnings on Thursday, and Microsoft will report on Wednesday.

“Apple shares are heading into the upcoming earnings print with a greater halo of positivity than any time in the past year,” JPMorgan analyst Samik Chatterjee wrote in a note.

He maintains the equivalent of a buy rating on the stock and on Monday raised his price target to $290 per share.

The company also seems to have sidestepped the worst-case impacts of the Trump administration’s tariffs.