Apple, the tech giant, achieved a remarkable feat on Friday as its market valuation surpassed $3 trillion, becoming the first publicly traded company to reach this milestone for the second time. The closing bell saw Apple’s market cap close above $3 trillion for the first time ever, with shares ending the day up 2.31% at $193.97.
This achievement follows Apple’s initial surpassing of the $3 trillion mark back in January 2022. The company’s stock has seen significant gains throughout the first half of 2023, outperforming the broader tech market. The Nasdaq rose by 30% during this period, while Apple’s stock surged by over 45%.
Despite the prevailing hype surrounding generative AI on Wall Street and in Silicon Valley, Apple has largely stayed away from public mentions of its involvement in the field. Instead, the company has focused on its ability to navigate the challenges posed by the supply chain crisis and the resilience of its iPhone business. Additionally, Apple’s foray into the AR/VR headset market with its Vision Pro holds promise for future growth.
Analysts emphasise that Apple remains a safe haven for investors due to its stability and long-term prospects. While the company faces tough year-over-year comparisons as it rebounds from the pandemic-induced surge in sales, its recent financial results indicate a significant jump in iPhone sales.
Looking ahead, Apple aims to expand its market presence in India, opening its first store in April and exploring manufacturing opportunities in the region. As tensions between the US and China persist, Apple seeks to diversify its production base and establish a stronger foothold in Asia.