Apple’s market value topped $3 trillion for the first time on June 30, buoyed by signs of improving inflation and investor confidence that the iPhone maker will successfully expand into new markets. Apple is the only company to ever reach that milestone.
Shares of the world’s most valuable company rose 2.3% to $193.97 a share, according to Refinitiv data. With 15.7 billion shares outstanding, the new price pushed Apple’s market capitalization to $3.05 trillion.
The Cupertino, California-based company's market capitalization peaked above $3 trillion in trading on January 3, 2022, but fell below that mark by the end of the trading session.
Apple shares have surged 49% year to date as investors have jumped into the AI race. Nvidia leads the S&P 500 with a 190% gain this year, pushing the chipmaker into the trillion-dollar club, followed by Meta with a 138% gain.
Apple on June 5 unveiled its first virtual reality headset, the iPhone maker's most important product since the Apple Watch was announced in 2015. Photo: CNN
Apple’s first-quarter report in May showed that the company’s revenue and profit fell, but still beat analysts’ expectations. Combined with steady share buybacks, the financial results cemented Apple’s reputation as a safe investment at a time of global economic uncertainty.
Apple’s $3 trillion milestone came after the company launched its Vision Pro augmented reality glasses on June 5, its riskiest bet since the iPhone was introduced more than a decade ago. The company’s stock has risen about 7% since then.
Apple’s recent surge has outpaced analysts’ estimates for the company’s future earnings. The stock is now trading at more than 29 times expected earnings, its highest level since January 2022, according to Refinitiv data.
Apple's stock market success this year is in stark contrast to 2022. In early 2023, Apple's market capitalization fell below $2 trillion for the first time since early 2021 .
Nguyen Tuyet (According to CNN, Reuters)
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