Apple’s market capitalisation on Friday breached the US$3-trillion mark for the first time since January last year, as investors bet on the iPhone maker’s ability to grow its revenue even as it explores new markets such as virtual reality.
Shares of Apple, which is also the world’s most valuable listed company, touched $192.74 in morning trading — a record high.
Apple’s market value briefly peaked above $3-trillion (R56.6-trillion) in intraday trading on 3 January 2022, before closing the session just below that mark.
The latest gains in Apple shares come as technology stocks rebound on bets that the US Federal Reserve may be slowing its pace of interest rate hikes.
Apple’s better-than-expected iPhone sales during its second quarter and the introduction of new products, including an augmented reality headset called the Vision Pro in June, highlight the tech giant’s resiliency in an uncertain economy.
Currently, only four other US companies have a valuation of more than $1-trillion: Microsoft, Alphabet (Google), Amazon.com and Nvidia.
Apple shares have jumped nearly 46% this year, while those of Tesla and Meta Platforms have more than doubled. A near 180% gain in shares of Nvidia in 2023 has catapulted the chip maker into the trillion-dollar club. — Tiyashi Datta, (c) 2023 Reuters