Apple Inc. became the first firm to reach a stock market value of $3 trillion on Monday, before closing the day a hair below that level, as investors gambled the iPhone maker will continue to release best-selling goods while exploring new sectors like driverless cars and virtual reality. Apple’s shares hit an intraday record high of $182.88 on the first day of trading in 2022, pushing the Company market value just beyond $3 trillion. Apple’s market value is $2.99 trillion, and the stock ended the session up 2.5 percent at $182.01.
Investors anticipate that consumers will continue to pay top money for iPhones, MacBooks, and services like Apple TV and Apple Music, as the world’s most valuable firm surpassed the milestone. Apple and Microsoft Corp., which is now valued $2.5 trillion, are also in the $2 trillion club. Market capitalizations of Alphabet Inc, Amazon.com Inc, and Tesla Inc all exceed $1 trillion. According to Refinitiv, Saudi Arabian Oil Co is worth $1.9 trillion. “The market rewards companies with good fundamentals and balance sheets,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
Nonetheless, some investors are concerned that Apple is reaching the limits of how large it can grow its user base and how much money it can extract from each user, with no promises that future product categories will be as profitable as the iPhone. Apple and other Big Tech businesses have benefited from the increasing adoption of technology such as 5G, virtual reality, and artificial intelligence. According to new data from CounterPoint Research, Apple maintained its lead in China, the world’s largest smartphone market, for the second month in a row, surpassing rivals like as Vivo and Xiaomi Inc.