Apple, the tech titan renowned for its groundbreaking products, is about to reach a monumental milestone. With a climbing stock price, the company’s worth is on the brink of surpassing the eye-popping $3 trillion mark. Last Monday, Apple’s stocks finished at an impressive $183.79—a 1.6% climb sending its value close to $2.9 trillion! Incredibly, the stock has risen by 41% this year–higher than the Nasdaq 100 Index which has managed to get a 35% rise in that same timeframe.
One catalyst for Apple’s recent stock rally was the unveiling of its Vision Pro mixed reality headset. Analysts believe this hardware product has the potential to significantly impact the company’s valuation. Additionally, the highly anticipated release of the iPhone 15 and the strength of Apple’s services business are predicted to drive further growth in the company’s shares. Wedbush analyst Dan Ives, in particular, has expressed optimism about Apple’s services segment, which encompasses its cloud service and storage business.
It’s not the first time Apple has come close to striking it rich at $3 trillion. Way back in January 2022, they became the first US biz to make it happen. Unfortunately, a downward spiral in tech made for a short-lived celebration as their market cap quickly dip-dipped.
This year, tech stocks have skyrocketed due, at least in part, to the rising interest in AI. OpenAI’s ChatGPT– an AI language model that’s gained huge traction– has been a major contributor to this trend. What’s more, with AI advancements ever-growing, tech giants such as Apple are well-positioned to capitalize on its incorporation into their wares and amenities.
Boy, if Apple manages to eclipse the $3 trillion market cap, we can safely say that it’s become one of the planet’s most profitable enterprises. Its knack for always innovating and sustaining a fierce brand commitment among its customers has caused financiers and consumers to gravitate towards it in droves.
While the race to $3 trillion intensifies, it remains to be seen whether Apple can sustain its upward trajectory. Nevertheless, the company’s current success underscores its ability to captivate the market and maintain its position as a dominant player in the tech industry.