Apple became the first publicly traded firm to end a trading day with a market value of $3 trillion. On Friday, the company’s stock rose roughly 2.31% to a new high. The IT titan first attained a market cap of $3 trillion in January 2022, but failed to maintain that level.
This year, Apple’s stock has risen about 46%. The company’s stock market success this year contrasts sharply with that of 2022. Apple’s market cap went below $2 trillion in trade earlier this year for the first time since early 2021.
The tech giant’s landmark valuation comes on the heels of the unveiling of the Apple Vision Pro, its long-rumored augmented reality (AR) headset, earlier this month.
The $3,499 headset will be available next year and will require users to stay connected to a power pack the size of an iPhone.
Wall Street and Silicon Valley have jumped on the AI bandwagon, which began with the release of OpenAI’s ChatGPT in late 2022. Companies such as Microsoft, Google, Nvidia, and Meta have since gotten on the AI bandwagon. Nvidia has outperformed the S&P 500 by 181% this year. Meta follows with a 137% increase. Apple has mainly avoided discussing AI, although its competitors have embraced the burgeoning technology.
Apple reported higher-than-expected quarterly earnings in May, despite a drop in sales and profit. The company’s performance strengthened its reputation among investors.
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