Apple sets record $3,000 billion market capitalization

Shares of the iPhone maker rose 0.6% to close at $189.25, giving the company a market capitalization of more than $2.98 trillion, according to Refinitiv data.

Previously, on January 3, 2022, the tech giant also surpassed the $3,000 billion capitalization mark before falling after the trading session ended.

In early 2022, Apple approached the $3,000 billion market capitalization mark.

The latest surge in the world 's most valuable company's stock price follows a strong rally in Wall Street's biggest tech names, combined with optimism about the potential of artificial intelligence and expectations that the US Federal Reserve is nearing the end of its interest rate hikes.

“There’s no new information to support the stock’s move. It’s just the way the market is moving,” said Thomas Martin, senior portfolio manager at Globalt Investments.

In 2023, Apple shares rose 46%, while Nvidia surged 185% to become the first chipmaker to reach a market capitalization of more than $1 trillion. Tesla and Meta Platforms (Facebook’s parent company) also doubled in the year, while Microsoft’s market value increased by 40%.

Apple moved closer to the $3 trillion mark after launching an expensive augmented reality headset earlier this month, its riskiest bet since the iPhone debuted more than a decade ago.

The company’s latest quarterly report showed that both revenue and profit fell, but were still higher than analysts’ expectations. Along with that, stable stock buybacks make the company a safe investment in the context of global economic uncertainty.

Apple’s recent gains have far exceeded analysts’ estimates for the company’s future earnings. The tech giant is trading at about 29 times expected revenue, its highest multiple since February 2022, according to Refinitiv.

(According to Reuters)

Source: https://vietnamnet.vn/apple-lap-ky-luc-von-hoa-moi-3-000-ty-usd-2159593.html