Apple has made history by becoming the first publicly traded company to achieve a market value of $3 trillion at the close of a trading day. On Friday, the company’s shares rose approximately 2.31%, reaching a new all-time high. Although Apple initially reached a $3 trillion market cap in January 2022, it failed to maintain that level until now.
This year, Apple’s stock has experienced a remarkable surge of nearly 46%. This success marks a significant turnaround from the previous year when the company’s market cap fell below $2 trillion in trading for the first time since early 2021.
The tech giant’s milestone valuation coincides with the recent launch of its long-anticipated augmented reality (AR) headset, the Apple Vision Pro. Priced at $3,499, the headset, set to be available for purchase next year, requires users to remain connected to a battery pack comparable in size to an iPhone.
While the hype around artificial intelligence (AI) has gripped Wall Street and Silicon Valley since the debut of OpenAI’s ChatGPT in late 2022, Apple has remained relatively distant from AI discussions.
In contrast, competitors like Microsoft, Google, Nvidia, and Meta have enthusiastically embraced the emerging technology. Nvidia currently leads the S&P 500 with a staggering 181% increase in stock value this year, closely followed by Meta with a 137% jump.
It is worth mentioning that four other U.S. companies, namely Alphabet, Microsoft, Amazon, and Nvidia, also boast valuations exceeding $1 trillion.
In May, Apple exceeded expectations with its quarterly earnings, even though the company experienced a decline in sales and profits. These results reinforced Apple’s reputation among investors, solidifying its position in the market.