Apple becomes first company to hit $3 trillion market value

NEW YORK:

Apple Inc on Monday became the first company in the world to hit $3 trillion in market capitalisation, thanks to investor confidence that the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and metaverse.

On the first day of trading in 2022, the company's shares rose to $182.88 in mid-day trading, a new record.

The world's most valuable company is the first to reach the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

Apple's march from $2 trillion to $3 trillion in market value took about 16 months as its stock roared higher, leading a group of megacap technology companies that benefited as people relied heavily on tech during the coronavirus pandemic.

Meanwhile, the broader market was set to extend a recovery from the pandemic shock, led by Tesla and followed by Apple and Nvidia.

Analysts expect demand for iPhones to remain strong in 2022, as Apple leads China's smartphone market and more consumers subscribe its services. REUTERS