Apple has become only the third publicly traded company in history to reach a $4 trillion market value, following Nvidia and Microsoft into the elite tier.

Shares of the iPhone maker climbed to new highs of roughly $270 in early trading Tuesday, briefly pushing its valuation above the $4 trillion mark before pulling back. Nvidia currently leads the pack at around $4.7 trillion in market value, while Microsoft sits near $4.1 trillion.

Apple’s latest surge has been fueled by strong demand for the new iPhone 17, after data from Counterpoint Research showed the device outsold its predecessor in the U.S. and China during its first 10 days on shelves.

Still, the stock is up only about 7% this year, as investors question whether Apple risks falling behind in the accelerating AI race. Nvidia — whose chips underpin the rapid expansion of AI systems — has soared 44% year to date, while Microsoft, a major backer of ChatGPT-maker OpenAI, has gained about 29%.