Apple and Nvidia’s stocks have soared, as Apple feels the effects of its latest iPhone sales, and Nvidia approaches a record $5 trillion evaluation as the AI bubble continues to expand.

Apple’s stock has reached an all time high, reaching $4 trillion in market cap, driven by sales of its IPhone 17, the newest model released by the firm. The firm’s valuation soon dipped back down just below the threshold at time of reporting.

Unlike Nvidia and Microsoft, which also saw their market value top the $4 trillion mark, Apple did not reach this milestone through AI innovation. It’s largely still behind in the AI race, with investors waiting to see AI-enabled Siri or other AI Apple products. Still, its newest iPhone and other products like the Apple Watch, its computer sales, and Apple TV subscriptions, keep the company well afloat.

Meanwhile, Nvidia, the chip giant, is seeing its market valuation skyrocket, poised to reach the record $5 trillion mark. The chip company saw its stock market value rise by 2.8% in premarket trade just before Wednesday.

CEO Jensen Huang has announced $500 billion in AI chip order, sparking the rise in valuation, as well as plans to construct seven supercomputers commissioned by the US government.

The chip firm just reached the $4 trillion mark in July of this year, a testament to its rapid rise from a chip-marker on the periphery of the tech industry to a central, seemingly indispensable player in the modern AI boom.

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The continued rise of Nvidia flies in the face of concerns about the potential burst of the AI bubble, which dwarfs the dot.com bubble of the early 90s and the devastating financial crisis of 2008.

MarketWatch estimated that the AI bubble is 17 times bigger than the dot-com bubble, and four times larger than the 2008 bubble.

Nvidia’s historic rise comes with new powers for its stock – the firm holds more weight in the S&P 500 and the Nasdaq 100, meaning that changes in its stock could effect pension funds and global portfolios and ETFs.

With this power comes responsibility to investors, with high expectations of the firm to not slip up on its deliverables.