On Monday, Apple Inc. (AAPL) became the first company to reach a stock market value of $3 trillion.
In Monday’s tradings, Apple’s share briefly touched a record $182.88 per share. At that price, the iPhone maker’s value topped $3 trillion. The stock later pulled back from that level.
The world’s most valuable company reached the milestone as investors bet that consumers will continue to shell out top dollar on iPhones, MacBooks, and services such as Apple T.V. and Apple Music.
In 2018 the tech giant topped $1 trillion in value, and in August 0f 2020, Apple cracked $2 trillion, powered by its steady expansion into a range of services as CEO Tim Cook sought to reduce the company’s reliance on iPhones, iPads, and other devices for growth.
The surge marks the latest accomplishment for Cook, who became chief executive of the Cupertino, California giant in 2011 shortly before the death of the company’s visionary co-founder, Steve Jobs.
Apple hasn’t provided any guidance since the start of the pandemic, but Cook did say on the earnings call in October that the December quarter will be the largest in Apple’s history in terms of revenue.
“Hitting $3 trillion is another watershed moment for Apple as the company continues to prove the doubters wrong with the renaissance of goeth story playing out in Cupertino,” said Daniel Ives of Wedbush in a note to investors in mid-December. “The underlying iPhone 13 demand story to Cupertino both domestically and in China is trending well ahead of Street expectations in our opinion.”
The Silicone Valley company shared the $2 trillion market value club with Microsoft Corp, which is now worth about $2.5 trillion. Alphabet, Amazon.com, and Tesla have market values above $1 trillion.
Apple’s value now surpasses the minimal gross domestic products of six of the world’s top 10 economies, including the United Kingdom, India, France, Italy, Canada, and South Korea.
