Apple’s Market Cap Reaches $3 Trillion
Apple’s shares moved above the level needed for a $3 trillion market cap in morning trading.
Apple’s market value reached $3 trillion for the first time since early 2022.
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Apple's shares moved above the level needed for a $3 trillion market cap in morning trading.@Apple 's market value reached $3 trillion for the first time since early 2022.#apple #tech #stocks pic.twitter.com/kD2qj1tWLl
— The_Journalbiz (@the_journalbiz) June 30, 2023
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The tech giant’s stock traded at $192.23, up about 1.4%, shortly after the opening bell. The threshold for the $3 trillion level was $190.734.
The iPhone maker is on track to be the first company to close with a valuation of $3 trillion or higher. The recent jump in its shares makes the company worth more than five of the S&P 500’s 11 sectors, according to Dow Jones Market Data.
In January 2022,
the company touched the $3 trillion level intraday —though at a lower price because the company’s share count was different at that time—but failed to close above that level.
The revival in Apple shares this year comes alongside a broader revival in the tech trade, with the Nasdaq on track for its best start to a year since the 1980s.
Still, few companies have been as popular as Apple. The behemoth’s shares are up almost 50% this year. Individual investors have kept scooping up the shares, making it one of the top buys in recent weeks. Some analysts have grown even more optimistic about the stock recently, with Citi analysts announcing a Street-high price target yesterday.
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Apple reached a $1 trillion market cap in August 2018, and $2 trillion in August 2020.
