Apple shares cross the $3 trillion mark – 6/30/2023 – Market

The market capitalization of Apple Inc. again surpassed the US$ 3 trillion mark (almost R$ 15 trillion) this Friday (30). The milestone reflects investors’ bet on the iPhone maker’s ability to grow revenue even as it explores new markets such as virtual reality. Apple’s continued appreciation reinforces its status as the world’s most valuable listed company.

Apple shares rose 1.6% to hit an all-time high of $192.74 this morning.

Helped by gains in Apple, tech stocks rose 1.6% and led the way among the top 11 sectors in the S&P 500.

Apple’s stock market cap briefly surpassed $3 trillion in intraday trading on Jan. 3, 2022, but ended the session slightly below that threshold.

The latest gains in the company’s shares follow the strong rebound of several tech heavyweights on Wall Street this year, buoyed by expectations that the Federal Reserve is nearing the end of its rate hike campaign and optimism over the potential of artificial intelligence.

Apple’s approach to the $3 trillion mark follows the June 5 launch of a pricey augmented reality device, its riskiest gamble since the introduction of the iPhone more than a decade ago.

Recent gains in Apple stock have beaten analysts’ estimates for the company’s future earnings. On Wednesday (28), the role was traded at about 29 times the expected profit, its highest multiple since February 2022, according to Refinitiv data.