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The stock of the iPhone maker peaked record high on Wednesday and was on the verge of a $3 trillion market capitalization. Apple’s stock rose 0.6%, as per Refinitiv data ending the day at $189.25, placing the market value of the entity at $2.98 trillion. This was the second time Apple shares reached this record high.
According to the sources, Apple still is a bit below to end a trading season above $3 trillion valuation market value. Though the shares had briefly climbed earlier in intra-day trading on January 3, 2022, above the $3 trillion mark, it went down below the mark before the closing session.
After notable recoveries from a number of Wall Street giants in the technology sector this year, the most recent improvements in the shares of the most valuable corporation in the world are the result. These recoveries were supported by bets that the Federal Reserve's campaign of interest rate hikes in the United States was about to come to an end, as well as by hope for the future of artificial intelligence.
Apple gained by 46% in 2023, while Nvidia increased by 185%, becoming the first chipmaker with a stock market value of more than $1 trillion. Microsoft has increased by 40%, and Tesla and Meta Platforms have more than quadrupled this year.
The June 5 launch of the pricey augmented-reality headset was Apple’s approach toward hitting $3 trillion, this is termed the riskiest bet for the brand since it launched iPhone.
Additionally, despite a decline in revenue and earnings, Apple's most recent quarterly report from May nevertheless outperformed experts' predictions. These financial performances, along with a consistent history of stock buybacks, strengthened its standing among investors as a secure investment during a period of economic turmoil throughout the world.
Analysts' projections for Apple's future earnings have not kept up with the stock's recent rise. According to Refinitiv data, the company is currently trading at roughly 29 times projected profits, which is its highest multiple since February 2022.
Also read, Google’s Android TV gets a replacement for Google Play Movies
