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Home » Apple scales to $3 Trillion!
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Apple scales to $3 Trillion!

Apple makes history on Wall Street with a market surpassing $3 Trillion!
News DeskBy News Desk3 July 2023No Comments3 Mins Read
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Apple Makes History on Wall Street with Market Value Surpassing $3 Trillion

In a groundbreaking achievement, Apple Inc. has become the first company to surpass a market value of $3 trillion, solidifying the continued dominance of big tech in equity markets. The tech giant’s remarkable rally, which has added over $983 billion to its size this year, has propelled the Nasdaq 100 Index to its best-ever first half, driving a broader stock market surge.

Apple’s stock rose by 2.3% on Friday, further bolstering its ascent to the historic milestone. The company now stands nearly half a trillion dollars above its closest competitor. While some strategists have been caught off guard by the rally, questioning its sustainability amidst potential Federal Reserve interest rate hikes, investors remain optimistic about the growth potential of artificial intelligence. Additionally, they are drawn to the quality factors that Apple possesses, such as a robust balance sheet, resilient revenue streams, and a formidable competitive position.

According to Jonathan Curtis, the director of portfolio management for Franklin Equity Group, Apple’s consistent outperformance over the past decade is not a result of misguided investor enthusiasm, but rather a testament to its successful business strategy. Curtis highlights Apple’s solid earnings plan, remarkable consumer loyalty, and an array of strengths including a phenomenal balance sheet, a dividend with room for growth, an active stock repurchasing program, and a platform business akin to consumer staples. He points out that Apple’s devices have become an integral part of people’s lives, with users spending an average of four hours a day interacting with them.

Wall Street’s ongoing optimism regarding Apple’s stock was evident when Citi initiated coverage with a buy rating on Thursday, citing the under-appreciated potential for margin expansion. Citi predicts additional upside of approximately 30%, which could potentially elevate Apple’s valuation close to $4 trillion.

Apple first claimed the title of the world’s most valuable stock in 2011 when its market cap was below $340 billion, accounting for approximately 3.3% of the S&P 500. Since then, it has rarely relinquished this position. The company reached a trillion-dollar valuation in mid-2018 and achieved the $2 trillion milestone in August 2020, becoming the first US Company to surpass that level. However, Saudi Aramco was the first company globally to achieve a $2 trillion valuation.

While briefly surpassing the $3 trillion level early in 2022, Apple’s stock failed to close above this mark, marking the beginning of a subsequent downtrend. Nevertheless, the recent rally has erased the entire decline, reaffirming Apple’s position as a formidable force in the market.

Within the US companies of such magnitude are rare and Apple does join the ranks of other mega-cap technology and internet stocks such as Alphabet Inc., Amazon.com Inc., and chipmaker Nvidia Corp. Earlier this year, Nvidia became the world’s first trillion-dollar chipmaker. Microsoft Corp is the only other US stock currently valued above $2 trillion.

Apple’s newest achievement further highlights the enduring strength and resilience of the company, affirming its position as a global leader in technology and innovation. As the tech industry continues to evolve, Apple’s commitment to excellence and its ability to adapt to changing market dynamics is the reason for continued success.

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