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Apple moves closer to $3 trillion market value

On Monday, the company's shares slid slightly more than 2% to finish at $175.74, erasing previous advances that had brought them near to the $182.86 price required to reach a market value of $3 trillion. 

Apple moves closer to USD 3 trillion market value gcw
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New York, First Published Dec 14, 2021, 2:10 PM IST
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Apple's market capitalization was just shy of $3 trillion, capping up a spectacular decade in which the corporation became the world's most valuable. On Monday, the company's shares slid slightly more than 2% to finish at $175.74, erasing previous advances that had brought them near to the $182.86 price required to reach a market value of $3 trillion.  Apple's stock jumped over 11% last week, extending its year-to-date rise of more than 30%, as investors remain confident that wealthy consumers will continue to pay top price for iPhones, MacBooks, and various customer services like Apple TV and Apple Music.

The iPhone manufacturer headed a group of mega-cap tech firms, including Google-parent Alphabet and Amazon, which benefitted from individuals and businesses depending extensively on technology during the epidemic, rising from $2 trillion to over $3 trillion in market value in 16 months. In instance, Apple took two years to get from $1 trillion to $2 trillion.

Brian Frank, a portfolio manager at Frank Capital who sold a long-held position in Apple in 2019 as the stock's valuation increased, said the company is now one of the market's more highly valued companies, demonstrating US technology's dominance around the world and investors' confidence that it will remain in Apple's hands.

Exceeding the $3 trillion milestones would be another feather in CEO Tim Cook's crown, who took over when Steve Jobs stepped down in 2011 and has supervised the company's expansion into new products and markets. If Apple reaches the $3 trillion mark, Microsoft Corp will be the lone business in the $2 trillion club, with Alphabet Google, Amazon, and Tesla having already reached the $1 trillion mark. With a market value of over $2.6 trillion, Microsoft was the world's most valuable corporation until late October, when Apple indicated that supply chain restrictions might limit its growth for the rest of the year.

Also Read | iPad Pro, iPad Air 5, iPad 10 new features to include wireless charging & more, may debut in 2022: Reports

As the global economy recovers from the coronavirus epidemic and supply chain pressures lessen, the introduction of technologies such as 5G, augmented reality/virtual reality, and artificial intelligence may help Apple and other cash-rich major technology firms stay popular with investors.

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