The tech giant became the first company to cross the eye-popping threshold in January 2022. Now, they’re also the second.
Apple is back like it never left.
The Big Tech titan logged a company market cap — the total value of its stock currently in circulation — greater than $3 trillion on Friday.
Back on Jan. 3, 2022, Apple became the first company in history to surpass the elusive threshold when its stock price hit $190.34 per share during trading hours; however, it was unable to hold on and closed the day under the $3 trillion milestone.
All eyes are on Wall Street to see if things will be different this time.
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Apple has had a lucrative quarter thanks in no small part to the news that its much-anticipated VR headset is slated to hit the market in early 2024.
Tim Cook unveiled the Apple Vision Pro at this year’s World Wide Developers Conference earlier this month. The device marks the market leader’s first major hardware drop since 2014, and Apple enthusiasts are clamoring for the product even in spite of its $3,499 price tag. Industry analysts view this as the company’s first step into building a broader ecosystem of AI-powered products.
Also propelling Apple’s stock price? The company’s announcement that 25% of iPhone users are eligible for an upgrade. As a result, the tech giant expects to see an upcoming bump in sales.
Across the board, Apple consumer products continue to perform well in a crowded market. To date, the company has avoided a major round of layoffs at the same time as its competitors have been forced to let go of thousands of employees. In May, Cook noted that Apple considered a reduction in its workforce as a “last resort.”
Given the run of positive news, Citi estimated that the company looks to continue on a positive trajectory, projecting an end-of-year stock price to approach $240 — this would result in a $3.8 billion Apple market cap.
Apple’s stock price has increased 47% through the first half of 2023. It leads a running list of five firms on traded on American exchanges that currently boast a company valuation over $1 trillion, including Google parent company Alphabet, Microsoft, Amazon, and chipmaker and AI innovator Nvidia.
At the time of writing, Apple stock was at $192.40, which sets it on track to stay above the $3 trillion plateau at the day’s closing bell.
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