On Friday, Apple’s market valuation reached $3 trillion for the first time, as the company’s shares increased by almost 1% to a new high and over the price threshold of $190.73 needed to achieve the milestone.
Before finishing the day barely below that threshold, the IT giant accomplished this milestone for the very first time back in January 2022. Apple is the only firm in history to ever reach a market valuation of $3 trillion.
The price of Apple shares has increased by over 46 percent so far this year. The success of the company’s stock market performance in 2022 stands in stark contrast to that of current year. For the first time since the beginning of the year 2021, Apple’s market cap dropped below $2 million while trading earlier this year.
Apple’s market valuation milestone for the tech giant comes on the heels of the company’s debut of Apple Vision Pro earlier this month. The Apple Vision Pro is the company’s long-awaited augmented reality (AR) headset. The headset, which costs $3,499 and requires users to be linked to a battery pack the size of an iPhone, will go on sale the following year. Users will be required to maintain this connection at all times.
Related;Apple’s Stock Hits Record, Nearing $3 Trillion Market Value
Wall Street and Silicon Valley have both been betting big on the artificial intelligence (AI) buzz that began in late 2022 with the launch of OpenAI’s ChatGPT.
Since then, other businesses, including Microsoft, Google, Nvidia, and Meta, have been investing in artificial intelligence (AI). With a year-to-date increase of 181%, Nvidia is currently leading the S&P 500. After that comes a 137% increase in Meta. While Apple’s competitors have made significant investments in artificial intelligence (AI), the company has generally avoided discussing this developing technology.
Related;Apple’s Vision Pro SDK Is Now Available, In-Person Developer Labs Launch Next Month
It is important to note that in addition to Apple, four other American companies—Alphabet, Microsoft, Amazon, and Nvidia—each have a valuation of more than one trillion dollars.
Even though the tech giant’s sales and profits were lower than predicted, Apple reported quarterly earnings in May that were greater than anticipated. The outcomes of the corporation helped to further bolster its reputation among investors.
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