On Monday, Apple Inc became the first company to hit a $3 trillion stock market value, before ending the day a hair below that milestone, as investors bet the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality. On the first day of trading of 2022, the Silicon Valley company’s shares hit an intraday record high of $182.88, putting Apple’s market value just above $3 trillion. The stock ended the session up 2.5% at $182.01 with Apple’s market capitalisation at $2.99 trillion.
The world’s most valuable company reached 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. Jake Dollarhide, chief executive officer of Longbow Asset Management in Tusla, Oklahoma, stated, “It is a fantastic accomplishment and certainly worthy to be celebrated. It just shows you how far Apple has come and how dominant it is seen as in the majority of investor’s eyes.”
Apple shared the $2 trillion market value club with Microsoft Corp, which is now worth about $2.5 trillion. Alphabet Inc, Amazon.com Inc and Tesla Inc have market values above $1 trillion. Saudi Arabia Oil Co is valued at about $1.9 trillion. Scott Wern, senior global market strategist at Wells Fargo Investment Institute, stated, “The market is rewarding companies that have strong fundamentals and balance sheets and the companies that are hitting these sort of huge market caps have proven they are strong businesses and not speculation.”
