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Apple’s market capitalization temporarily exceeds $ 3 trillion after a relentless backlash

Apple’s stock market value temporarily rose above $ 3 trillion on Monday, breaking yet another record, highlighting how the pandemic accelerated Big Tech’s decades of growth.

Apple’s share price rose 3% in the afternoon trading in New York, trading at $ 182.88 and then comparing some of the rise. Since the low hit in early October, Apple has added about $ 700 billion to its market capitalization.

iPhone makers’ stock prices have risen steadily over the years, with Covid first blocking the world in early 2020, emphasizing the technological focus on work, education, entertainment and staying connected. Since then, it has risen by more than 200%. All of these are markets where Apple is deeply involved through hardware, software, and media services, becoming the first company in history to reach $ 3 trillion, about 17 months after Apple first exceeded $ 2 trillion. Contributes to becoming.

Despite growing concerns in some corners, including a shortage of chips, reports that iPhone demand is starting to decline, and the prospect of rising interest rates, big and small investors are seeing the worldwide popularity of Apple products and the potential for new products. I am paying attention to sex. The company’s strong cash balance is the reason for maintaining steady sales growth and continuing to buy stocks every day.

“I didn’t expect to see a market capitalization of $ 3 trillion, but it speaks to Apple’s outlook for the next five to ten years,” said Patrick Burton, co-portfolio manager for the MainStay Winslow Large Cap Growth Fund. increase. 2.75 million Apple shares. “We are very pleased with the outlook and continue to find meaningful opportunities with stable iPhone franchises and growth drivers from both services and new products. It’s a really great growth stock and rated. Is sustainable. “

The company’s unprecedented size means it has a significant impact on the entire stock market. The weight in the S & P 500 index is 7%. As a point of comparison, Apple isn’t far enough to rival the entire Russell 2000 Index. Its value is $ 3.51 trillion.

The value of the stock first reached $ 1 trillion in mid-2018 and reached a valuation of $ 2 trillion in August 2020. Although the first US company to exceed this level, Saudi Aramco was the first $ 2 trillion company overall.

Since becoming the world’s most valuable stock for the first time in 2011, with a market capitalization of less than $ 340 billion and accounting for about 3.3% of the S & P 500, Apple has rarely left the title. After warning about the impact of supply chain issues on the vacation quarter, he was temporarily behind Microsoft Corp. in October, but its second place was short-lived.

Over the past month, stocks have risen almost 13%, while Microsoft’s stock has risen 3.3% and is currently valued at over $ 2.5 trillion.

https://gulfbusiness.com/apples-market-cap-briefly-tops-3-trillion-after-relentless-rally/ Apple’s market capitalization temporarily exceeds $ 3 trillion after a relentless backlash

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