Apple shares hit a record $355.38 but ended the day down

On November 5, 2026, Apple (NASDAQ: AAPL) shares reached a new all-time high of $355.38 but ended the trading session down 1.53% at $344.17. Despite the negative trend, the company's shares lost significantly less than the American technology index Nasdaq Composite and the shares of the largest AI equipment manufacturers.

The day before, on November 4, Apple rose by 5.31%, closing at $349.51. During trading, quotes reached $354.50, setting a new record at that time.

The increase in the company's market value coincided with the recovery of the American stock market after the midterm elections in the USA.

As of November 4, Apple's market capitalization reached approximately $5.08 trillion. The company surpassed Nvidia, whose market value was estimated at about $4.83 trillion.

However, in the next session, the situation in the stock market sharply deteriorated.

On November 5, the Nasdaq Composite index fell by 5.52%, the S&P 500 decreased by 4.36%, and the Dow Jones Industrial Average lost 3.44%.

Companies related to semiconductor production and AI infrastructure development experienced the most pressure. Nvidia shares fell by 9.26%, and Broadcom by approximately 10.43%.

Meanwhile, Apple ended the day down 1.53%. The company's market capitalization after the close of trading was around $5 trillion.

Why Apple showed smaller losses than other AI companies

Market participants attribute Apple's relative resilience to the specifics of its business model and more restrained capital expenditures on AI infrastructure compared to some other tech corporations.

Unlike companies actively investing in data center construction, Apple derives the majority of its revenue from device sales and digital services.

This reduces its direct dependence on the payback of large computing infrastructure projects, although it does not eliminate risks associated with the development of its own AI functions.

Strong financial results provided additional support to Apple's valuation.

According to the report for the fourth quarter of the 2026 fiscal year, published on November 2, the company's revenue increased by 12% year-on-year to $114.5 billion.

Diluted earnings per share amounted to $2.10, exceeding analysts' consensus forecast of $1.99.

However, after the publication of the report, Apple warned of the risk of a decline in gross margin due to rising component costs.

Expensive memory remains a risk for Apple's profits

In the September quarter, Apple's gross margin was 47.9%. For the quarter ending in December 2026, the company forecasts a decline to 45–46%.

The main factor in the expected deterioration, according to management, is the rise in prices for memory chips used in iPhones, Macs, and other devices.

According to Apple's CEO John Ternus, the current situation in the memory market is characterized by an unprecedented increase in component costs.

The company expects to partially offset additional expenses through previously formed reserves, changes in device pricing, and reductions in the cost of some other components.

However, further increases in DRAM and NAND prices may continue to put pressure on product costs and Apple's profitability.

An additional risk factor remains the company's high market valuation. As of early November, its shares were trading at approximately 36 times the expected annual earnings.

From a technical perspective, market analysts highlight the $340 area as the nearest support level for AAPL, and the $354–355 range as the area of recent highs.

These levels do not guarantee the future direction of quotes.

Thus, Apple showed smaller losses during the tech sector sell-off but also ended November 5 with a decline. The future dynamics of the shares will depend on the state of the stock market, the stability of demand for devices, and the company's ability to offset rising component costs.