Technology
Apple becomes world's first $3 trillion company
The $3 trillion milestone is largely symbolic and indeed, other tech heavyweights outperformed Apple last year.
Apple Inc has become the first company with a $3 trillion stock market value, lifted by investors' confidence that the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality.
Apple on Monday became the first company in the world to hit $3 trillion in market capitalization, thanks to investor confidence that the iPhone maker will keep launching best-selling products as it explores new markets like automated cars and the metaverse.
On the first day of trading in 2022, Apple's stock touched a record high of $182.88. When multiplied by its 16.4 billion outstanding shares, the iPhone maker’s market valuation reached above the $3 trillion mark.
Apple is the first to reach the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.
Analysts expect demand for iPhones to remain strong in 2022, as Apple leads China's smartphone market and more consumers subscribe to its services.
Apple’s rise has been relentless in recent years.
Back in August 2018, it became the first United States (US) firm to surpass $1 trillion in market value. It blew past the $2 trillion mark only two years later in August 2020. And thanks to the turbo-charged pandemic appetite for tech shares, it took roughly 17 months for Apple to reach the $3 trillion mark.
The $3 trillion milestone is largely symbolic and indeed, other tech heavyweights outperformed Apple last year.