Apple shares rose 1.7% to close at nearly $198, surpassing a July peak and giving the iPhone maker a market value of $3.08 trillion, according to Refinitiv data.
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| Apple stock price performance over the past year. |
In addition to Apple, stock prices of other major technology companies such as Microsoft, Alphabet, Nvidia, Amazon, Meta and Tesla also ended the trading session in the green.
In 2023, Apple's stock increased by more than 50%, equivalent to $940 billion. That is higher than the market value of Meta - Facebook's parent company.
Apple’s gains are a sharp turnaround from October, when the company’s stock closed at its lowest level in about five months, according to Bloomberg. Apple reported revenue declines in all four quarters of its fiscal 2023 fiscal year compared to the same period a year earlier. In October, the iPhone maker forecast holiday sales to be on par with 2022, disappointing some investors.
However, Wall Street predicts Apple's revenue will grow strongly again next year as demand for smartphones, computers and laptops rebounds.
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