Apple Hit A New Market Value as It Records Above $3 Trillion
Friday Apple’s market capitalisation breached the $ 3 trillion mark for the first time since January 2022. The investors banked on the Apple’s ability to grow its revenue even as it explores new markets such as virtual reality. Shares of Apple touched $192.74 in the morning trading- a record higher making it the world’s most
Apple’s market value briefly peaked above $3tn in intra-day trading on 3 January 2022, before closing the session just below that mark. Photograph: Mike Segar/Reuters
Friday Apple’s market capitalisation breached the $ 3 trillion mark for the first time since January 2022. The investors banked on the Apple’s ability to grow its revenue even as it explores new markets such as virtual reality.
Shares of Apple touched $192.74 in the morning trading- a record higher making it the world’s most valuable listed company. The company ended the day up 2.3 % making its value just above $3 trillion (R56.6 Trillion).
The last time Apple’s market value reached above the $3 billion mark was in January 2022.
The company’s shares gain comes as technology stock rebound on bets that the Federal Reserve may be slowing its pace of interest rate hikes as well as on the buzz around artificial intelligence.
The iPhone’s sales that did extremely well during the second quarter and the introduction of new products including the Vision Pro in June show 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.
