The market capitalization of a publicly traded business closing a trading day at $3 trillion belongs to Apple for the first time. On Friday, the company’s shares reached a new high after rising by roughly 2.31%. The tech giant’s market valuation first surpassed $3 trillion in January 2022, but it was unable to hold that position.
This year, the value of Apple’s stock has roughly quadrupled. The company’s performance on the stock market this year contrasts sharply with that of 2022. Apple’s market cap went below $2 trillion earlier this year in trade for the first time since early 2021.
The tech giant’s historic valuation follows the unveiling of its long-rumored augmented reality (AR) headset, the Apple Vision Pro, earlier this month. The $3,499 headgear will be available for purchase the next year. Users must maintain a connection to a battery pack the size of an iPhone.
The excitement surrounding AI that began with the release of OpenAI’s ChatGPT in late 2022 has caught the attention of Wall Street and Silicon Valley. Since then, businesses like Microsoft, Google, Nvidia, and Meta have joined on the artificial intelligence bandwagon. With an 181% increase this year, Nvidia is the S&P 500’s leader. Meta is the next word, rising 137%. While its rivals have invested heavily in the new technology, Apple has mainly refrained from making any mention of artificial intelligence.
It’s worth noting that four other U.S. companies have a valuation of more than $1 trillion, including Alphabet, Microsoft, Amazon and Nvidia.
Apple posted stronger-than-expected quarterly earnings in May, even though the tech giant’s sales and profit declined. The company’s results reinforced its reputation among investors.
Update 30/06/2023 4:00 PM ET: Article was updated to note that Apple closed above a $3 trillion market cap.
