Apple has achieved an astounding feat by emerging as the first publicly traded corporation to conclude a trading day with an astonishing market value of $3 trillion. On Friday, the technology behemoth witnessed a surge of approximately 2.31% in its shares, propelling them to reach an unprecedented all-time high. This occurrence marks Apple’s second instance of attaining a $3 trillion market cap, the first being in January 2022, albeit without the ability to sustain it until the market’s closure.
The current year has been nothing short of extraordinary for Apple’s stocks, which have skyrocketed by nearly 46%. This remarkable ascent signifies a striking reversal from the preceding year, during which Apple’s market capitalization dipped below $2 trillion for the first time since early 2021.
The significant achievement in valuation coincides with the highly anticipated launch of Apple Vision Pro, the augmented reality (AR) headset, earlier this month. Priced at $3,499, this cutting-edge device necessitates users to remain connected to a battery pack of similar dimensions to an iPhone. The headset is projected to hit the market for sale in the forthcoming year.
The AI revolution has captivated the attention of both Wall Street and Silicon Valley, particularly since the advent of OpenAI’s ChatGPT in late 2022. Major players such as Microsoft, Google, Nvidia, and Meta have wholeheartedly embraced AI technology, igniting enthusiasm throughout the industry.
Among them, Nvidia has emerged as the leader in the S&P 500 with a staggering surge of 181% this year, closely followed by Meta, which has experienced a substantial jump of 137%. Interestingly, Apple has been relatively reserved in its approach towards AI, in contrast to its competitors who have fervently embraced this burgeoning technology.
It is worth noting that four other notable U.S. companies, including Alphabet, Microsoft, Amazon, and Nvidia, boast valuations exceeding $1 trillion, serving as a testament to their exceptional achievements.
In May, Apple surpassed expectations with its earnings report, despite encountering a decline in sales and profits. Nevertheless, the company’s financial results have further solidified its standing and reputation among investors.
