Apple is Now Worth $3 Trillion
Apple has once again achieved a remarkable milestone by becoming the only company ever to reach a market value of $3 trillion.
On Friday, Apple’s shares rose 1%, reaching a record price of $191.34. With 15.7 billion shares outstanding, this surge in stock price propelled Apple to its historic market value.
Although Apple had briefly hit the $3 trillion mark during intraday trading on January 3, 2022, it failed to close at that level. If Apple manages to close above $3 trillion this time, it will cement its position as the sole company to accomplish this feat.
In the preceding days, Apple’s stock had consistently closed at record highs, albeit with a marginal increase of 0.2%. However, on Friday, it comfortably surpassed the necessary level of $190.73, thus crossing the $3 trillion threshold.
The sky-high valuation of this tech giant follows its recent bold introduction of the Apple Vision Pro and a better-than-expected earnings report in May, despite a decline in sales and profits.
The Apple Vision Pro, slated for release next year, has garnered praise from tech journalists who had a sneak peek at the augmented reality device. However, it enters a market that is still in its early stages with limited mainstream consumer adoption. Apple intends to price the headset at a substantial $3,499, and it currently offers only a handful of apps and experiences, requiring users to remain connected to an iPhone-sized battery pack.
This year, Apple’s stock (AAPL) has soared by nearly 46%, benefiting from the broader surge in Big Tech stocks as investors flock to the AI sector. Leading the S&P 500, Nvidia (NVDA) has experienced a remarkable 181% surge, followed by Meta (META) at 137%.
This year’s success in the stock market stands in stark contrast to 2022 when Apple’s market cap fell below $2 trillion, marking the first time since early 2021. Apple has made an impressive recovery and continues to solidify its position as a leader in the technology industry.
