Apple became the first publicly traded firm to end a trading day with a market value of $3 trillion. The company’s shares reached a new high on Friday, rising by roughly 2.31%. The tech giant’s market valuation first surpassed $3 trillion in January 2022, but it was unable to close in that position.
This year, Apple’s stock has increased by around 46%. This year’s stock market success for the corporation contrasts sharply with 2022. Apple’s market cap dropped below $2 trillion in trade earlier this year for the first time since early 2021.
The tech giant’s historic valuation follows the unveiling of its long-rumored augmented reality (AR) headset, the Apple Vision Pro, earlier this month. The $3,499 headgear will be available for purchase next year. Users must maintain a connection to a battery pack the size of an iPhone.
The excitement surrounding AI that began with the release of OpenAI’s ChatGPT in late 2022 has caught the attention of Wall Street and Silicon Valley. Since then, businesses like Microsoft, Google, Nvidia, and Meta have hopped on the artificial intelligence train. With a 181% increase this year, Nvidia is the S&P 500’s leader. Meta comes next, rising 137%. While its rivals have invested heavily in the new technology, Apple has mainly refrained from making any mention of artificial intelligence.
It’s crucial to note that four other American businesses, including Alphabet, Microsoft, Amazon, and Nvidia, have a market value of at least $1 trillion.
Even though Apple’s sales and profit fell in the most recent quarter, the tech giant nonetheless reported higher-than-expected revenue. The company’s outcomes strengthened its credibility among investors.