Just over a year after surpassing the $2 trillion barriers, Apple Inc. (AAPL.O) is approaching a market value of $3 trillion, a milestone that would make it the world’s fifth-largest economy after Germany.
Apple’s stock was trading at $174, up 1.6 percent. To meet the target, they must trade at $182.85, capping a robust gain fueled by investors betting on the company’s name and perceiving it as a relatively safe haven.
The stock has increased by around 30% this year, following an 80 percent increase in 2020. In comparison, the S& P 500 (.SPX) has increased by 25% over the same time period.
Microsoft (MSFT.O), Amazon (AMZN.O), Alphabet (GOOGL.O), and Tesla (TSLA.O) are all in the trillion-dollar club, with gains ranging from 10% to 70%.
Apple’s market value surpassed $1 trillion in 2018 and took two years to double.
The stock has already surpassed Wall Street’s median price target by $4, with the stock being rated “buy” or higher by the majority of analysts who cover it.
Following CEO Tim Cook’s statements on supply chain issues and the effort to source chips and components to produce smartphones and laptops, Apple momentarily lost its distinction as the most valuable business to Microsoft Corp (MSFT.O) earlier this year.
Microsoft is around $500 billion away from having a market valuation of $3 trillion.
