Apple Inc (AAPL.O) became the first firm to reach a stock market value of $3 trillion on Monday, before closing the day a hair below that level, as investors gambled the iPhone maker will continue to release best-selling goods while exploring new sectors like driverless cars and virtual reality.
Apple’s shares hit an intraday record high of $182.88 on the first day of trading in 2022, pushing the company’s market value just beyond $3 trillion. Apple’s market value is $2.99 trillion, and the stock ended the session up 2.5 percent at $182.01.
Investors anticipate that consumers will continue to pay top money for iPhones, MacBooks, and services like Apple TV and Apple Music, as the world’s most valuable firm surpassed the milestone.
“It’s a fantastic accomplishment and certainly worthy to be celebrated,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. “It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes.
Apple (AAPL.O) and Microsoft Corp (MSFT.O), which is now worth $2.5 trillion, are both in the $2 trillion clubs. Market capitalizations of Alphabet Inc (GOOGL.O), Amazon.com Inc, and Tesla Inc (TSLA.O) all exceed $1 trillion. According to Refinitiv, Saudi Arabian Oil Co (2222.SE) is worth $1.9 trillion.
Apple and other Big Tech businesses have benefited from the increasing adoption of technology such as 5G, virtual reality, and artificial intelligence.
According to new data from Counterpoint Research, Apple maintained its lead in China, the world’s largest smartphone market, for the second month in a row, surpassing rivals like Vivo and Xiaomi.
Many investors expect Apple to produce its own vehicle over the next several years, with Tesla now the world’s most valuable automaker as Wall Street invests heavily on electric cars.
Apple’s share price as a proportion of the Nasdaq 100 index’s (.NDX) worth is pushing up against a critical technical level as its market capitalization approaches $3 trillion. In the past, the stock price has risen above this level and then fallen.
