By John Ikani
Apple Inc. reached a significant milestone on Friday, as its market capitalization soared beyond the $3 trillion mark for the first time since January last year.
The milestone is credited to investors’ confidence in the iPhone maker’s capability to boost revenue, even as it explores new ventures like virtual reality.
Trading in the morning saw Apple’s shares rise by 1.3% to $191.99, signifying a remarkable surge of almost 46% in the current year alone.
Consequently, the company’s market value now stands at an impressive $3.02 trillion, further solidifying its position as the world’s most valuable listed company.
It is worth mentioning that on January 3, 2022, Apple’s market value briefly surpassed $3 trillion during intra-day trading, though it ended the session just below that mark.
The recent upward trajectory of Apple’s shares is part of the broader recovery observed in the technology sector.
Investors are speculating that the Federal Reserve might be taking a more cautious approach to interest rate hikes, thereby creating an optimistic environment for tech stocks.
Also, the growing interest in artificial intelligence has also contributed to the surge in Apple’s stock value.
One key factor that has garnered attention and bolstered investor confidence is Apple’s impressive resilience in the face of economic uncertainty.
In its most recent quarterly report, the tech giant demonstrated sales performance that exceeded expectations.
The exceptional performance has further solidified Apple’s reputation among investors as a reliable and steadfast player in the market.
It’s worth noting that besides Apple, four other prominent U.S. companies boast a valuation exceeding $1 trillion, namely Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O), and Nvidia Corp (NVDA.O)
