America’s technology giant Apple achieved a new milestone on Monday. Apple has become the first company to reach $3 trillion in market capitalization. Investors desire the iPhone maker to continue launching the best-selling product. At the same time, it is also exploring new markets like automated cars and virtual reality. This is the reason why the company’s stock boomed, bringing its market capitalization to $3 trillion. But at the close of the market yesterday, there was a slight decline in its market capitalization, and it stood at $2.99 trillion.
How far did the Apple share go
Apple shares hit an intraday record high of $182.88 on the first day of trading in 2022, pushing Apple’s market value to just over $3 trillion. The stock ended the trading day up 2.5 per cent at $182.01, taking Apple’s market cap to $2.99 trillion. The world’s most valuable company set a new record on the back of investors as they expect consumers to continue to use iPhones, MacBooks and services like Apple TV and Apple Music.
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Splendid achievement
This is considered a great achievement of Apple. This new record shows how far Apple has come and how impressive it is. Apple shares the club with Microsoft with a market value of $2 trillion, which is now valued at about $2.5 trillion. Alphabet, Amazon and Tesla have a market capitalization above $1 trillion. At the same time, the market capitalization of Saudi Arabia’s oil company is about $ 1.9 trillion.
How is the share
Apple shares have risen nearly 5,800 per cent since co-founder and former CEO Steve Jobs launched the first iPhone in January 2007, far more than the S&P 500’s gain of nearly 230 per cent during the same period. Under Tim Cook, who became CEO after Jobs’ death in 2011, Apple has steadily grown the company’s income from services such as video streaming and music. This reduced Apple’s reliance on the iPhone only.
Income from iPhone
Apple used to get more than 60 per cent of its income from iPhones in 2018, which came down to 52 per cent in 2021. This brought relief to investors, who were concerned that the company relied heavily on its top products.
Benefits of 5G
Some investors worry about how much Apple can expand its user base and how much revenue it can generate from each user. There is no guarantee that future product categories will be as attractive as the iPhone. But the rapid growth of technologies like 5G, virtual reality and artificial intelligence has increased the attractiveness of Apple and other big tech companies. In China, the world’s largest smartphone market, Apple maintained its lead for the second month in a row, beating rivals such as Vivo and Xiaomi.
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