Apple briefly became the second publicly traded company in history to reach a $5 trillion market value, driven by strong stock performance and iPhone sales.

The company’s shares have risen significantly over the past year despite criticism over its slower progress in artificial intelligence development.

Apple has made moves to strengthen its AI efforts, including a partnership with Google to use Gemini models for an upgraded Siri.

The company is also facing challenges from rising memory and storage costs that have led to higher prices for some products, Yahoo Finance has reported.

The milestone comes as CEO Tim Cook prepares to step down and hand leadership to John Ternus in a major transition for Apple.