Apple's market value breaches $3 trillion mark again

Investors bet on the iPhone maker's ability to grow revenue even as it explores new markets such as virtual reality.


REUTERS June 30, 2023
An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. —REUTERS/File Photo

Apple Inc's (AAPL.O) market capitalization on Friday breached the $3 trillion mark for the first time since January last year, as investors bet on the iPhone maker's ability to grow revenue even as it explores new markets such as virtual reality.

Shares of Apple, which is also the world's most valuable- listed company, were up 1.3% at $191.99 in morning trading. They have jumped nearly 46% this year and, at the current price, the company's market value stands at $3.02 trillion.

Apple's market value briefly peaked above $3 trillion in intra-day trading on Jan. 3, 2022, before closing the session just below that mark.

Also read YouTube is testing an online-games offering

The gains in Apple shares come as technology stocks rebound on bets that the Federal Reserve may be slowing its pace of interest rate hikes as well as on the buzz around artificial intelligence.

Apple's less-than-expected fall in sales in its most recent quarterly report has highlighted the tech giant's resiliency in an uncertain economy and reinforced its reputation among investors.

Currently, four other U.S. companies have a valuation of more than $1 trillion - Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Nvidia Corp (NVDA.O).

COMMENTS (1)

Yaqootmir | 1 year ago | Reply RIDICOULOUS based on stupid numbers frankly the carpet will be pulled from Apples Feet and the small investor will be left high and dry. 3 Trillion for a company that makes NOTHING. Pathetic
Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ