New Delhi, 1st July 2023: On Friday, Apple Inc’s stock market value surpassed $3 trillion for the first time, boosted by signs of rising inflation and betting that the iPhone maker will successfully expand into new areas.
According to Refinitiv data, the world’s most valuable company’s shares rose 2.3% to $193.97, giving it a market valuation of $3.05 trillion.
It was Apple’s fourth consecutive record-breaking close.
On January 3, 2022, the Cupertino, California-based company’s market value briefly surpassed $3 trillion in intraday trading before completing the session just below that threshold.
Apple, Nvidia Corp, and Tesla Inc. climbed strongly after a Commerce Department data showed the Personal Consumption Expenditure price index advanced less in May than in April, indicating progress in the Federal Reserve’s fight against inflation.
So far in 2023, Apple has risen 49% as part of a rally by several of Wall Street’s most valuable businesses, fuelled by forecasts that the Fed’s campaign of interest rate hikes is nearing an end, and by confidence about the possibilities of artificial intelligence.
Apple’s most recent quarterly report, released in May, revealed that revenue and profitability decreased but still exceeded analysts’ estimates. The financial performance, along with a consistent track record of stock buybacks, cemented its reputation as a secure investment at a period of global economic instability.
Apple’s $3 trillion milestone comes on the heels of the June 5 release of a high-priced augmented-reality headset, the company’s riskiest investment since the introduction of the iPhone more than a decade ago. Since then, the stock has increased by around 7%.
Alphabet Inc, Amazon Inc, Nvidia, and Microsoft Corp have valuations of more than $1 trillion, trailing Apple with a market value of $2.5 trillion.
Shares of Tesla and Meta Platforms Inc have more than doubled this year, while Nvidia’s shares have witnessed a gain of 190%, propelling the chipmaker into the trillion-dollar club.
