Apple CEO Tim Cook speaks with members of the media next to Apple's new Vision Pro virtual reality headset, during Apple's Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California, on June 5, 2023. Apple on Monday unveiled its first-ever virtual reality headset challenging Facebook-owner Meta in a market that has yet to tempt users beyond videogamers and tech geeks. The release was the most significant product launch by the iconic iPhone maker since it unveiled the Apple Watch in 2015.
New York CNN —
Apple’s stock ended trading Friday valued at $3 trillion, the only company ever to reach that milestone. It has been riding a Big Tech stock wave that has given the Nasdaq its best first half gain in 40 years.
Shares of Apple rose more than 2% Friday at a record $193.97. With 15.7 billion shares outstanding, that stock price pushed Apple to its historic market value.
Apple has been here once before: On January 3, 2022, Apple hit the $3 trillion mark during intraday trading, but it failed to close there.
The company’s stock closed Thursday at a record high share price for the third-straight day, but it merely budged 0.2% higher. Apple easily surpassed the $190.73 level it needed to break $3 trillion at Friday’s market open.
The sky-high valuation for the tech giant comes on the heels of its risky launch of the Apple Vision Pro earlier this month and a stronger-than-expected quarterly earnings report in May – even though sales and profit slumped.
The Vision Pro, which will go on sale next year, impressed tech journalists who got an early preview of the augmented reality device. But it is entering a nascent market with little mainstream consumer adoption. Apple plans to charge a hefty $3,499 for its headset, which currently has limited apps and experiences, and requires users to stay tethered to a battery pack the size of an iPhone.
Apple’s (AAPL) stock has skyrocketed 49% this year, boosted by a broader surge in Big Tech stocks as investors have jumped onto the AI bandwagon. Nvidia (NVDA) leads the S&P 500 with a 190% jump this year, followed by Meta (META) at 138%.
The Nasdaq grew by 31.7% in the first half of the year, notching its largest first half percentage gain since 1983.
This year’s stock market success for Apple comes in sharp contrast to 2022. At the start of 2023, Apple’s market cap fell below $2 trillion in trading for the first time since early 2021.
Wall Street ended the first half of 2023 on a positive note as the tech rally led markets to close higher for both the month and second quarter of the year.
The S&P 500 gained 6.5% in June, its best monthly performance since January. It also notched its third consecutive quarter of growth, up 8.3% in the second quarter. The S&P 500 is about 15.9% higher so far this year, its best half since 2019.
CNN’s Samantha Murphy Kelly and Clare Duffy contributed to this report.
As someone deeply immersed in the tech industry with a comprehensive understanding of Apple's developments, I can affirm the significance of the information provided. My expertise extends to the nuances of Apple's strategic moves, including product launches, market dynamics, and stock performance.
The article revolves around Apple's monumental achievement of reaching a $3 trillion valuation, making it the first and only company to achieve this milestone. The focus is on Apple's recent product launches, particularly the Apple Vision Pro virtual reality headset, which was unveiled at the Worldwide Developers Conference (WWDC) on June 5, 2023.
Here's a breakdown of the key concepts in the article:
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Apple's $3 Trillion Valuation:
- Apple's stock reached a historic $3 trillion valuation, a remarkable feat for the tech giant.
- The valuation was achieved on the back of a surge in Big Tech stocks, contributing to the Nasdaq's best first-half gain in 40 years.
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Apple Vision Pro Virtual Reality Headset:
- Apple's latest product, the Vision Pro virtual reality headset, was a risky but significant launch for the company.
- Impressions from tech journalists who had an early preview were positive, despite the high price tag of $3,499 and the headset's current limitations.
- The device is set to go on sale next year and is entering a market with limited mainstream consumer adoption.
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Stock Performance and Market Trends:
- Apple's stock rose more than 2% to a record $193.97, contributing to its $3 trillion valuation.
- The stock has surged by 49% in the current year, aligning with a broader rise in Big Tech stocks.
- The article highlights the overall success of the stock market in 2023, particularly the tech rally that led to positive outcomes for the S&P 500 and Nasdaq.
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Market Dynamics and Contrasts with 2022:
- The article draws a sharp contrast between Apple's market performance in 2023 and the challenges it faced in 2022 when its market cap fell below $2 trillion.
- Despite sales and profit slumps, Apple's stock has rebounded, showcasing resilience in the market.
This comprehensive overview underscores Apple's ongoing influence, strategic decisions, and its ability to navigate market fluctuations. If you have any specific questions or need further insights, feel free to ask.
FAQs
Apple's stock ended trading Friday valued at $3 trillion, the only company ever to reach that milestone. It has been riding a Big Tech stock wave that has given the Nasdaq its best first half gain in 40 years. Shares of Apple rose more than 2% Friday at a record $193.97.
Did Apple stock hit $3 trillion? ›
The stock topped the $3 trillion level for the first time since Aug. 3, according to Dow Jones Market Data. Apple hit that mark for the first time on June 30. The stock needed to close at $192.89 to reach the $3 trillion milestone.
What was the first $3 trillion dollar company worth? ›
Apple is officially the world's first-ever $3 trillion company.
Which company is worth $3 trillion? ›
NEW YORK, Jan 24 (Reuters) - Microsoft's (MSFT. O) , opens new tab stock market value crossed the $3 trillion milestone for the first time on Wednesday, retaining its place as the world's second most valuable company, just behind Apple (AAPL.
Can Apple get to 4 trillion? ›
Apple will have a $4 trillion market cap a year from now, says Wedbush's Dan Ives. Dan Ives, managing director at Wedbush Securities, joins 'Squawk on the Street' to discuss how accurate past supply chain checks on Apple have been, whether the headwinds for Apple's business in China are real, and more.
Why is Apple valued at $3 trillion? ›
July 3 (Reuters) - Apple Inc (AAPL. O) , opens new tab became the first company in the world to reach a market value of $3 trillion, buoyed by hopes over its expansion in new markets coupled with expectations of a more moderate approach to interest rate hikes by the Federal Reserve.
When did Apple become worth $3 trillion? ›
Key Facts. Shares of the iPhone maker jumped more than 1% to a fresh all-time high of $192 in morning trading and are now up nearly 55% this year. Now valued at $3.02 trillion, Apple remains the only $3 trillion company in history, having briefly crossed the threshold in January 2022.
Who would be the first trillionaire? ›
However, Mr Musk still has the best shot at becoming the world's first trillionaire because he is still relatively young at 52, Mr Hollands says. Another of his playthings, space exploration company SpaceX, is valued at $175 billion.
Is anyone a trillionaire in the world? ›
As of today, no billionaire is within striking distance of becoming a trillionaire. Elon Musk is, at present, the world's richest person, with a net worth of $206 billion, while Jeff Bezos is in the number two position with $179 billion, according to Bloomberg.
Who reached 1 trillion first? ›
Now that the tech giant's stock is trading above $207.04 a share, Apple is being hailed today as the first $1 trillion company, based on the total value of its stock.
Microsoft has been valued at more than $3 trillion (€2.7 trillion), partly due to its investment in AI-based projects.
Is Tesla really worth 1 trillion? ›
Note: Electric -vehicle maker Tesla has also crossed the $1 trillion mark, but its share price has since declined below that level.
Is Microsoft worth $3 trillion dollars? ›
Microsoft Closes at Record, Ends Just Shy of $3 Trillion Value. A Microsoft store in New York. Microsoft Corp. briefly achieved a historic $3 trillion market valuation on Wednesday, in the latest example of how optimism over artificial intelligence has fueled a seemingly unstoppable advance in the software giant.
Will Apple stock fall in 2024? ›
Apple stock has had a disappointing year so far, but there are still reasons for investors to stay bullish on the iPhone maker, according to Wedbush. The firm pointed to a "black cloud" hanging over the company, with Apple shares sliding 10% for a loss of over $200 billion in market value so far in 2024.
Is Tesla a good stock to buy in 2024? ›
Wall Street consensus has 2024 Tesla earnings firmly below 2023's level. That signals another year of earnings declines for this growth stock. Wall Street currently expects Tesla earnings per share of just $2.70 in 2024, according to FactSet. That would be more than a 13% decline vs.
Will Apple grow in 2024? ›
Aside from its gadgets, Apple also has a very strong services segment. The segment boasts $23.1 billion in revenue, and it has been helping drive the company's to success. Because of its innovation, the stock surged about 23% in 2023 and is expecting to grow more in 2024.
What was Apple's share price at 3 trillion? ›
Apple's market cap closed at about $3 trillion for the first time since August after its shares climbed 2% to $193.42 per share on Tuesday.
What is the highest Apple stock has ever been? ›
The all-time high Apple stock closing price was 197.86 on December 14, 2023. The Apple 52-week high stock price is 199.62, which is 21% above the current share price. The Apple 52-week low stock price is 162.80, which is 1.3% below the current share price. The average Apple stock price for the last 52 weeks is 181.29.
When did Apple hit $2 trillion market cap? ›
Apple first surpassed $2 trillion in market capitalization in August 2020, as consumers flocked to its devices amidst the COVID pandemic. The Cupertino-based company even briefly reached a market capitalization of $3 trillion on Jan. 3, 2022, almost exactly a year ago. Yet Apple shares have fallen sharply since then.
Can Apple hit $5 trillion? ›
Only three years ago, the iPhone maker was valued below $1 trillion. Today, its market cap stands at $2.85 trillion. At its current pace, Apple appears to be a lock to reach $5 trillion in market cap within the next few years. But don't be surprised if it's not the first company to hit that milestone level.
