Apple became the second company to close above a $5 trillion market value on Wednesday, the Wall Street Journal and The Herald Business reported. Only chipmaker Nvidia had done it before.

Apple shares rose 0.5% to close at $342.96, giving the company a market value of $5.005 trillion, The Herald Business and MacRumors reported. The Journal also put the value at $5.005 trillion, citing Dow Jones Market Data, and said the shares closed at a record.

Apple's market value had topped $5 trillion six times before during the trading day, but it had never stayed above that level at the close, the Journal reported.

Apple shares rose 0.5% on Wednesday even as other tech stocks fell, the Journal reported in its markets coverage. The other six stocks in the "Magnificent Seven" group of big tech companies were each down at least 1.7%. The S&P 500's tech sector fell 2.6%, and the Nasdaq Composite dropped 1.9%, the Journal said.

The milestone comes about six weeks after John Ternus took over from Tim Cook as Apple's CEO, The Herald Business reported. Apple's market value grew 13-fold during Cook's 15 years in charge, the outlet said. The Journal said the record caps the Cook era and poses a challenge to Ternus, who needs to raise Apple's game in AI.

Apple briefly passed Nvidia to become the world's most valuable company in July, MacRumors reported. Nvidia has since taken back the top spot, with a market value of $5.33 trillion, the outlet said.

The record also comes two days before pre-orders open for the iPhone Duo, MacRumors reported.

What we know: Apple closed Wednesday at $342.96 a share, worth $5.005 trillion, and is the second company to close above $5 trillion.
What we don't: Whether Apple can stay above $5 trillion as tech stocks swing.