Apple has become the world’s most valuable company worth over $3 trillion.
Apple became the first publicly traded company to hit more than a $3 trillion value based on market capitalization, at $3.05 trillion to be exact. It came after a closing stock value of $193.97 per share, right after reaching an intraday trading high of $194.48 per share on Friday, June 30, 2023.
Back in January 2022, Apple became the very first company in the world to reach a value of $3 trillion during intraday trading, however it failed to close there. Now it has managed to reach the impressive number once again in just 18 months.
In between those times, it was believed that the reason for its fall in valuation under $2 trillion was due to investor jitters. Supply chain problems that lasted months also affected Apple’s most profitable devices. During the expected highest sales period for iPhones, for instance, there were disappointingly huge delays for the iPhone 14 Pro because of production issues in China. Understandably, those issues were COVID related, and since the end of 2022, production has returned back to normal. Also, the tech giant has been trying to decrease its dependence on China, thereby turning to other countries such as India instead for the production of their iPhones.
Analysts predict that the Cupertino company is just starting to roll into its most profitable period of the year. The iPhone 15 models will possibly be released this fall, if Apple keeps its traditional September launch timeline. Plus, there will be a bunch of other exciting Apple products expected to be released by the end of 2024, including new OLED iPads, the MacBook Air, and an M3 upgrade to its iMac and MacBook Pro models.
“We believe Apple will hit $4 trillion market cap by 2025”, says Wedbush Securities managing director and security equity analyst Daniel Ives.
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