Apple becomes first company to hit $3 trillion market value
Apple Inc on Monday became the first company with a $3 trillion stock market value, lifted by investors' confidence that the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality, News.Az reports citing Reuters.
On the first day of trading in 2022, the Silicon Valley company's shares hit a record of $182.88 around mid-day.
The world's most valuable company is the first to reach the latest milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.
"It's a fantastic accomplishment and certainly worthy to be celebrated," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. "It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors' eyes."
Apple shared the $2 trillion market value club with Microsoft Corp (MSFT.O), which is now worth about $2.5 trillion. Alphabet, Amazon.com Inc and Tesla have market value above $1 trillion.