Apple Inc’s market value hovered just below the $3 trillion mark on Monday, following an incredible decade-long streak that has made it the world’s most valuable company.
The stock needed to hit $182.86 for a record $3 trillion in market value, but fell about 1% in afternoon trading after hitting a record high earlier in the day. It jumped about 11% last week, extending gains of more than 30% on the year as investors remain confident that generous consumers will continue to pay the most for iPhones, MacBooks and services like Apple. TV and Apple Music.
The iPhone maker’s march from $2 trillion to nearly $3 trillion in market value took just 16 months, as it spearheaded a group of major tech companies like Alphabet, Google’s parent company. and Amazon.com Inc benefit from people and businesses that rely heavily on technology during the pandemic.
Meanwhile, Apple’s move from $1 trillion to $2 trillion took two years.
“It is now one of the higher-value companies in the market, showing the dominance of American technology in the market,” said Brian Frank, a portfolio manager at Frank Capital who sold. the world and investors believe that it will be in Apple’s hands. his longtime position at Apple in 2019 as stock valuations rose. “It looks like the stock has been priced in for every possible good outcome.”
Eclipsing the $3 trillion mark would put another mark on CEO Tim Cook, who took over after Steve Jobs stepped down in 2011 and oversaw the company’s expansion into products. and new markets.
“Tim Cook has done an incredible job over the past decade, sending Apple’s stock price up more than 1,400%,” said OANDA analyst Edward Moya.
Apple’s stock has returned 22% annually since the 1990s, while the S&P 500 has returned less than 9% annually over the same period.
If Apple hits the $3 trillion mark, Microsoft Corp will be the only company in the $2 trillion club, while Alphabet, Amazon and Tesla have crossed the $1 trillion mark.
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Microsoft, with a market value of about $2.6 trillion, was the most valuable company in the world at the end of October, when Apple reported that supply chain constraints could hurt its growth. company for the remainder of the year.
Big tech stocks have rallied this year as investors tap into growing demand for cloud-based products as companies shift to hybrid work models and consumers upgrade. their device. The Nasdaq 100, which is top of mind for companies like Apple, is up nearly 26% this year, while the broader S&P 500 index is up about 24%.
The emergence of technologies like 5G, AR/VR, and artificial intelligence could also help Apple and other cash-rich big tech stocks remain favored by investors as the global economy sets The coronavirus outbreak is behind it and supply chain pressures eased.
“The gradual and eventual tightening of the Fed, coupled with growth concerns by the end of 2023, has helped Apple continue its role as the favorite stock holder for most investors,” Moya said. private”.
https://globalnews.ca/news/8447435/apple-1-trillion-valuation/ Apple nears $3 trillion market valuation as streak of success continues – National