Apple is the first company to achieve a market value of $3 trillion.
Apple Inc. The U.S. stock market value briefly topped $3 trillion on Monday, breaking another record and underscoring how the pandemic has affected Big Tech’s decades-long rise.
Apple shares were trading up 3% at $182.88 in afternoon trading in New York before passing some of their gains. Since the low hit in early October, Apple has added nearly $700 billion to its market capitalization.
The iPhone maker’s stock price has risen steadily over the years, dropping it by more than 200% since Covid first sent the world into lockdown in early 2020 and technology to help keep work, education, entertainment and staying connected. the centrality of the These are all markets that Apple deeply touches through its hardware, software and media services, and contributed to becoming the first company in history to reach $3 trillion, nearly 17 months after it crossed the $2 trillion mark. Have given.
Concerns have risen in some corners – about a shortage of chips, reports of lower iPhone demand and the prospect of rising interest rates – but investors big and small have focused on the global popularity of Apple’s products. . New products to maintain its steady sales growth, and the company’s strong cash balance as reasons to keep buying stock day after day.
Patrick Burton, co-portfolio manager of Mainstay Winslow Large Cap Growth Fund, said, “I never thought I’d see a market cap of $3 trillion, but it really speaks volumes about Apple’s prospects over the next five to 10 years.” ” 2.75 million Apple shares. “We feel very good about the outlook, and continue to see meaningful opportunities ahead with a stable iPhone franchise and growth drivers from both services and new products. It’s been a really great growth stock, and the valuation is sustainable.” “
The unprecedented size of the company means it has a clear impact on the overall equity market; It weighs 7% on the S&P 500 Index. As a point of comparison, Apple doesn’t shy away from equaling the entire Russell 2000 Index, which is valued at $3.51 trillion.
The stock reached $1 trillion for the first time in mid-2018, and achieved a $2 trillion valuation in August 2020. While it was the first US company to exceed that level, Saudi Aramco was the first $2 trillion company overall.
Ever since it first became the world’s most valuable stock in 2011 — when its market cap was less than $340 billion and comprised about 3.3% of the S&P 500 — Apple has rarely shied away from the title. It was Microsoft Corp. in October. It was briefly lagging behind, after warnings about the impact of supply-chain issues would be on its holiday quarter, though second-place’s position was short-lived. Over the past month, the stock is up nearly 13%, compared to a 3.3% rise at Microsoft, which now has a valuation above $2.5 trillion.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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