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Apple CEO Tim Cook speaks during the Apple Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California, on June 5, 2023.
Josh Adelson | AFP | Getty Images
appleIts market capitalization topped $3 trillion on Friday, as its shares jumped nearly 1% to a new high and surpassed the $190.73 price needed to reach the milestone, according to the latest CNBC share.
Apple was the first company to reach a market capitalization of $3 trillion during intraday trading in January 2022, but it failed to close at that level. She has another chance to do so on Friday.
It shows that investors remain optimistic about stocks and Apple’s portfolio of products and services, despite the company warning in May that revenue for the current quarter is expected to decline by about 3%.
Investors see the company as one of the bright spots during a year of turbulence in the sector, as tech giants commit to “doing more with less” amid a “year of efficiency” and laying off thousands of employees.
“The bears and Apple skeptics continue to rack their heads as many called Apple’s ‘broken growth story’ this year against a tougher backdrop. We firmly believe the exact opposite has happened as Cupertino approaches a massive renaissance of growth over the next 12-18 months.” Dan Ives, senior equity research analyst at Wedbush Securities, said in a note on Friday.
He added, “In our opinion, the Street has greatly underestimated the massive base upgrade opportunity installed around the iPhone 14, and now the iPhone 15 is leading the super-mini cycle with nearly 25% of Apple’s gold customer base not upgrading their iPhones in more than 4 years”.
Shares of Apple are up nearly 47% since the start of the year.
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