Apple becomes the first company to reach a market value of $ 3 trillion, and then Reuters escapes

By Nivedita Balu and Noel Randewich

(Reuters) – Apple Inc. (NASDAQ 🙂 became the first company to reach a $ 3 trillion mark on Monday, before the day ended a hair below that milestone, as investors continue to market products sold by the iPhone maker. explores new markets such as automated cars and virtual reality.

On the first day of trading in 2022, Silicon Valley shares hit a record $ 182.88 a day, bringing Apple’s market value to more than $ 3 trillion. Shares ended the session up 2.5% at $ 182.01, with Apple’s market capitalization at $ 2.99 trillion.

The most valuable company in the world reached the milestone, as investors are betting that consumers will continue to pay the highest dollar for services like iPhone, MacBook and Apple TV and Apple Music.

“It’s a wonderful achievement and definitely worth celebrating,” said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma. “It just shows how far Apple has come and is seen in the eyes of the majority of investors.”

GRAPH – Apple’s stock market rise

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Apple shared a $ 2 trillion market value club Microsoft Corp. (NASDAQ :), which currently costs about $ 2.5 trillion. Alphabet (NASDAQ 🙂 Inc., Amazon.com Inc. (NASDAQ 🙂 and Tesla (NASDAQ 🙂 Inc. have market values ​​in excess of $ 1 trillion. Saudi Arabia Oil Co is valued at about $ 1.9 trillion, according to Refinitiv.

“The market is rewarding companies with a strong base and balance sheet, and the companies that are achieving this huge market cap have proven to be strong businesses and not speculation,” said Scott Wren, chief global market strategist. Wells Fargo (NYSE 🙂 Investment Institute.

Apple shares have risen by about 5,800% since co-founder and former CEO Steve Jobs unveiled its first iPhone in January 2007, surpassing a 230% gain at the same time.

Tim Cooken, who became CEO after Jobs’s death in 2011, has greatly increased Apple’s revenue from services like video streaming and music. This helped Apple reduce its confidence in the iPhone to 52% of its 2021 tax revenue by more than 60% in 2018, and it was concerned that friendly investors were too confident in the product the company was selling.

However, some investors are concerned about how far Apple can expand its user base and how much money it can make for each user, with no guarantee that future product categories will be as profitable as iPhone.

The rapid embrace of technologies such as 5G, virtual reality and artificial intelligence has also increased the attractiveness of Apple and other Big Tech companies.

In China, the world’s largest smartphone market, Apple continued to lead for the second month in a row, beating rivals like Vivo and Xiaomi (OTC :), according to the latest data from CounterPoint Research.

As Tesla is now one of the most valuable automakers in the world, with Wall Street making a strong commitment to electric cars, many investors expect Apple to launch its vehicle in the coming years.

“The morning of the cake, which can be a cake, is the potential of an EV car,” said Rhys Williams, chief strategist at Spouting Rock Asset Management.

As Apple’s market capitalization reaches a $ 3 trillion mark, its share price is hitting a key technical level as a percentage of its value. In recent times, stock prices have risen above that level and then fallen.