Apple shares rose 0.6% to close at $189.25, giving the company a market capitalization of more than $2.98 trillion, according to data from Refinitiv.
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| In early 2022, Apple reached the milestone of 3,000 billion USD in market capitalization. |
The iPhone maker also surpassed the $3 trillion market cap and fell after the trading session ended on January 3, 2022.
“There’s no new information to support the stock’s move higher,” said Thomas Martin, senior portfolio manager at Globalt Investments. “It’s just the way the market is moving.”
In 2023, Apple’s stock price increased by 46%, Nvidia increased by 185%, becoming the first chipmaker to reach a market capitalization of more than $ 1,000 billion. Tesla and Meta Platforms (Facebook’s parent company) also recorded double-digit growth in the year, while Microsoft’s market value also increased by 40%.
Apple Inc. is closing in on a $3 trillion valuation after launching an expensive augmented reality headset earlier this month, its riskiest bet since the iPhone more than a decade ago.
The tech giant’s recent stock surge has far exceeded analysts’ estimates for the company’s future earnings. Apple shares are trading at about 29 times expected revenue, the highest multiple since February 2022, according to Refinitiv.
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