Apple becomes first to close a trading day on $3 Trillion market cap
Tech giant Apple achieved a significant milestone by becoming the first publicly traded company to reach a staggering $3 trillion in market value. Not just that, it stayed there well enough to also become the first to end a trading day with a market capitalization above the $3 trillion mark. The Cupertino-headquartered tech titan saw its market capitalization soar past $3 trillion on Friday, soon after its shares rose to a record $193.97. With 15.7 billion shares outstanding, that stock price elevated Apple’s market value to the historic high.
Its market capitalization currently stands at $3.05 trillion. Forbes states that with this, Apple is worth nearly as much as Tesla, Meta, Berkshire Hathaway, UnitedHealth and Visa combined.
This development marks the second instance of Apple hitting the $3 trillion-mark – it had reached the milestone on January 3, 2022 during the intraday trading, but failed to close there. This time, however, the stock market surge, boosted by the launch of the Apple Vision Pro and a stronger-than-expected quarterly earnings report in May, propelled Apple’s stock price to new heights. The Vision Pro is set to go on sale next year, and the headset will cost a total of $3,499.
Apple’s achievement of a $3 trillion market value is a remarkable feat, especially considering the current economic climate and the challenges faced by sectors across the spectrum, specially tech. The fact that Apple has reached this milestone amidst tough economic conditions and a funding crunch speaks to its robust business model and the enduring appeal of its products and services. With this development, Apple also sets a new benchmark for the technology industry and serves as a testament to the power of innovation and strategic execution. The surge in tech stocks, including Apple, has contributed to the Nasdaq’s best first-half gain in four decades.
The tech industry, in particular, has faced significant headwinds, with major players like Apple, Microsoft, Google, and others having to navigate through challenging times. These companies have made tough decisions, including laying off tens of thousands of employees, as they adapt to changing market dynamics and prioritize sustainable growth.
With this development, Apple’s stock has clocked a meteoric rise of 49% this year, boosted by a broader surge in Big Tech stocks and increased investor interest in AI. It also marks a remarkable contrast to Apple’s market cap last year and the beginning of 2023, during when it had dropped below the $2 trillion mark in trading for the first time since early 2021.
With this development, Apple firmly places itself at the top of the admittedly-short list of companies with a trillion-dollar valuation across the world. Alphabet, Amazon, Nvidia, and Microsoft enjoy a market capitalisation of over $1-2 trillion (even a bit beyond that, though they have a long way to go before breaching the $3 trillion-mark). Oil and gas major Saudi Aramco is the only non-tech firm with a market cap of over $2 trillion.
