Apple sets record $3,000 billion market capitalization

According to Refinitiv data, shares of the iPhone maker rose 0.6% at the close of trading, to $189.25 per share, bringing the company's market capitalization to over $2.98 trillion.

Previously, on January 3, 2022, the tech giant also surpassed a market capitalization of $3 trillion before falling back down after the trading session ended.

In early 2022, Apple came close to reaching a market capitalization of $3 trillion.

The latest surge in the world's most valuable company's stock price follows a strong rebound from major technology companies on Wall Street, combined with optimism about the potential of artificial intelligence, as well as expectations that the Federal Reserve is nearing the end of its interest rate hikes.

“There is no new information to support the stock price increase. It’s simply market movement,” said Thomas Martin, senior portfolio manager at Globalt Investments.

In 2023, Apple's stock rose 46%, while Nvidia surged 185% to become the first chipmaker to reach a market capitalization of over $1 trillion. Tesla and Meta Platforms (Facebook's parent company) also doubled in value that year, and Microsoft's market capitalization increased by 40%.

Apple is nearing the $3 trillion mark after launching its expensive augmented reality wearable earlier this month. This is also considered the company's biggest gamble since launching the iPhone more than a decade ago.

The latest quarterly report shows that Apple's revenue and profits both declined, but still exceeded analysts' expectations. Along with this, steady share buybacks make the company a safe investment amid global economic uncertainty.

Apple's recent stock surge has far exceeded analysts' estimates for the company's future earnings. According to Refinitiv, the tech giant's stock is trading at approximately 29 times expected revenue, the highest multiple since February 2022.

(According to Reuters)

Source: https://vietnamnet.vn/apple-lap-ky-luc-von-hoa-moi-3-000-ty-usd-2159593.html