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USA | Jun 30, 2023

Apple’s market value breaches $3 trillion mark again

/ Our Today

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An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. (Photo: REUTERS/Mike Segar/File)

(Reuters)

Apple Inc.’s market capitalisation on Friday (June 30) breached the US$3 trillion mark for the first time since January last year, as investors bet on the iPhone maker’s ability to grow its revenue even as it explores new markets such as virtual reality.

Shares of Apple, which is also the world’s most valuable-listed company, were up 1.3 per cent at US$191.99 in morning trading.

Apple’s market value briefly peaked above $3 trillion in intra-day trading on January 3, 2022, before closing the session just below that mark.

The latest gains in Apple shares come as technology stocks rebound on bets that the Federal Reserve may be slowing its pace of interest rate hikes as well as on the buzz around artificial intelligence.

Apple’s better-than-expected iPhone sales during its second quarter and the introduction of new products, including an augmented-reality headset called the Vision Pro in June, highlight the tech giant’s resiliency in an uncertain economy.

Currently, four other US companies have a valuation of more than $1 trillion – Alphabet Inc, Microsoft Corp, Amazon.com Inc and Nvidia Corp.

Apple shares have jumped nearly 46 per cent this year, while those of Tesla and Meta Platforms have more than doubled.

A near 180 per cent gain in shares of Nvidia in 2023 has catapulted the chipmaker into the trillion-dollar club.

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