Apple hits the $3 trillion mark; Becomes the first company to end trade above the mark
The tech mogul had previously reached the $3 trillion mark for a while in January 2022.
Apple has made yet another history by becoming the first publicly traded company to have a market value of $3 trillion. The company’s share closed at $193.97, 2.3% higher on Friday’s trade session, taking its market value to a staggering $3.04 trillion
Earlier in 2022, Apple became the first company ever to touch the $3 trillion mark but was unable to maintain it and ended the trading day below the milestone. The California-based tech giants along with Nvidia Corp, and Tesla have driven the S&P 500 index to an almost 16% gain in the first half of the year.
Apple itself has surged about 49% in 2023 fueled by the optimism in artificial intelligence and the Fed nearing the end of its campaign for interest rate hikes. This $3 trillion mark is followed by arguably Apple’s riskiest product which was launched in June, a pricey AR headset, but the stocks have climbed almost 7% since the launch, proving the new launch to be somewhat successful.
The recent surge in Apple’s stocks has outpaced the estimates of analysts for the company. The company is now being traded over 29 times its expected earnings, the highest since January 2022. The company has also maintained a record fourth-straight high close.
Apple is followed by 4 other American companies having valuations of over $1 trillion, Alphabet Inc, the parent company of Google, Nvidia, Amazon, and Microsoft Corp, which follows Apple with a market value of $2.5 trillion. Shares of Meta Platforms and Tesla have also reached new heights, doubling since the start of the year, while chipmakers Nvidia have experienced a whopping 195% gain in their share prices.
