Apple becomes first $3 trillion company as stock reaches record high

Tech

Published: 2023-07-04 16:21

Last Updated: 2024-04-21 12:33


Apple becomes first $3 trillion company as stock reaches record high
Apple becomes first $3 trillion company as stock reaches record high

Apple’s stock (AAPL) made Wall Street history as the first company valued at over USD 3 trillion. Apple shares rose more than two percent on Friday, reaching a record USD 193.97 per share.

The second most valuable company is Microsoft, which is valued at over USD 2.5 trillion.

This is not the first time Apple stock has climbed high; on January 3, 2022, Apple hit USD 3 trillion during intraday trading, but it was unable to close at that mark.

The tech company’s stock closed on Thursday at record prices for the third consecutive day, but it did not move more than 0.2 percent higher. The stock price remains above the USD 190.73 benchmark it needs to reach a USD 3 trillion market cap.

The high valuation comes after Apple’s announcement of the new mixed-reality headset "Vision Pro" and a quarterly earnings report in May that was higher than expected, given decreases in sales and profit.

Over this year, Apple stock has skyrocketed 49 percent, following a surge in Big Tech stocks that have been spurred on by Mark Zuckerberg’s vision for a "Metaverse" and new artificial intelligence models.

Nvidia (NVDA) has experienced a 190 percent jump this year, and Meta (META) saw a 138 percent increase. The Nasdaq grew by 31.7 percent for the first half of 2023, marking its most significant first-half gain since 1983.

In 2022, Apple’s market cap fell below USD 2 trillion for the first time since early 2021. The S&P 500 gained 6.5 percent in June and is up 8.3 percent in the second quarter. The S&P 500 has increased by about 15.9 percent from last year, its best half since 2019.