Apple Inc., the developer of the iPhone, surpassed the $3 trillion market worth threshold on Friday as its shares reached a record high, making it the most valuable business in the world.
Veteran banker Uday Kotak stated that this embodies the future, product quality, customer passion, and trust, adding that the business is prepared to build lasting value.
Apple’s market capitalization on Friday was $3.05 trillion and its stock price finished at $193.97 a share.
On January 3, 2013, during intraday trading, the market capitalization of the iPhone manufacturer temporarily surpassed the $3 trillion threshold. The stock has soared 50% so far this year.
The stock’s climb has been fueled by a broad comeback in technology companies and a pickup in iPhone sales. The stock has also benefited from growing anticipation for the early 2019 debut of the mixed reality headset Apple Vision Pro.
The first company to cross $1 trillion in market capitalization in 2018 and $2 trillion in 2020, according to some reports, was Apple.
According to reports, there are six businesses with a trillion-dollar valuation, five of which are technology corporations.
The market capitalization of Alphabet Inc., Amazon.com, Nvidia, and Microsoft Corp. is between $1 and $2 trillion. Saudi Aramco, a significant oil and gas company, is the only non-tech company with a market valuation exceeding $2 trillion.
Despite the significant increase, Citigroup Global Markets anticipates further gains for Apple Inc. shares.
According to Citigroup analysts, the Street is underestimating the potential for Apple to continue expanding its gross margin thanks to a move towards higher-end iPhones and more market share gains in China and India.
By steadily recovering market share from Android phones, the business is “navigating the macro slowdown and inflationary pressure on consumer spending,” according to experts.
With a “buy” rating and a $240 price target, which is reportedly the highest among Wall Street analysts, the global investment bank began coverage on the iPhone manufacturer.