Apple has achieved a groundbreaking milestone by becoming the first publicly traded company to close a trading day with a market value of $3 trillion. The tech giant’s shares experienced a notable increase of approximately 2.31% on Friday, reaching a new all-time high. Although Apple previously reached a $3 trillion market cap in January 2022, it was unable to sustain that level until now.
In 2023, Apple’s stock has witnessed an impressive surge of nearly 46%. This remarkable success stands in stark contrast to 2022 when the company’s market cap dropped below $2 trillion for the first time since early 2021.
This significant valuation achievement comes shortly after Apple’s much-anticipated launch of the Apple Vision Pro, an augmented reality (AR) headset. Priced at $3,499, the headset is scheduled to go on sale next year and requires users to remain connected to a battery pack of similar size to an iPhone.
While competitors like Microsoft, Google, Nvidia, and Meta have embraced the artificial intelligence (AI) trend that emerged with the introduction of OpenAI’s ChatGPT in late 2022, Apple has taken a different approach, largely avoiding explicit mentions of AI. Instead, the company has maintained its focus on other areas. It is worth noting that Alphabet, Microsoft, Amazon, and Nvidia are the four other U.S. companies with valuations surpassing $1 trillion.
Apple’s stronger-than-expected quarterly earnings in May further solidified its reputation among investors, despite a decline in sales and profit. The company’s consistent performance continues to capture attention and garner support from the investment community.
The achievement of the $3 trillion market value milestone reaffirms Apple’s position as a global technology leader and underscores the confidence investors have in its long-term growth potential. With its ongoing innovations and strategic direction, Apple is poised to maintain its prominence in the ever-evolving tech industry.