Apple Becomes the First Company to Reach a $3 Trillion Valuation
Apple made history on Friday (June 30) as it became the first company in the world to reach a valuation of $3 trillion. The tech giant’s stock closed at $193.97 per share, giving it a market capitalization of $3.05 trillion. This milestone comes six months after Apple briefly surpassed the $3 trillion threshold during intraday trading on January 3.
The recent surge in Apple’s stock price can be attributed to the broader rebound in the tech sector and strong iPhone sales. Additionally, anticipation surrounding the release of Apple’s Apple Vision Pro mixed-reality headset next year has also contributed to the company’s success.
With this achievement, Apple joins an elite group of companies with trillion-dollar valuations. Out of the six companies in this exclusive club, five are tech firms. Microsoft Corporation is the closest contender with a market cap of $2.5 trillion. The computing giant briefly overtook Apple as the world’s most valuable company in 2021. Saudi Aramco, a state-backed oil and gas company, is the only non-tech business in the trillion-dollar club, with a valuation of $2 trillion. Alphabet, the parent company of Google, follows with a valuation of $1.5 trillion, while e-commerce and cloud leader Amazon and chip maker Nvidia have valuations of $1.3 trillion and $1 trillion, respectively.
Apple’s journey to $3 trillion has been a series of groundbreaking achievements. The company was the first to surpass $1 trillion in valuation in 2018 and $2 trillion in 2020. Its latest milestone reaffirms its position as a global tech leader.
The market performance of Apple’s stock on June 30 solidifies its dominance in the tech industry and reflects investors’ confidence in the company’s future prospects. As Apple continues to innovate and expand its product offerings, it remains a formidable force in the market.
Disclaimer: The above article provides an overview of Apple’s stock performance on June 30 and its achievement of a $3 trillion valuation.
Original Story at qz.com – 2023-07-02 10:34:31
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