Apple Becomes World’s First $3 Trillion Company As It Branches Out From iPhones
On Monday, the first trading day of 2022, Apple’s stock market value crawled to US$3 trillion, making it the first-ever company to achieve this feat.
According to Reuters, the tech giant’s share price reached US$182.88/share, drawing its market value to a little over US$3 trillion. The amount then dipped slightly to US$2.9 trillion at the end of the day.
“It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes,” comments Jake Dollarhide, CEO of Tusla asset management firm Longbow.
Although there have been few significant changes made to iPhones since the iPhone X in 2017, investors are starting the year with informed optimism that Apple has more to unravel in areas beyond smartphones.
It has been reported that CEO Tim Cook might introduce one new major product category, mixed reality, before retiring from the most valuable company in the world.
More than that, though, investors are placing their bets on how Apple could accelerate the automotive world with the car it is anticipated to be designing. The company hasn’t confirmed the rumors, but it has actively filed patents for features to build into a vehicle. Other brands have also announced their discussions with Apple about making cars in the past.
“The icing on the cake, which may turn out to be the cake, is the potential for an EV car,” says Rhys Williams, chief strategist at Spouting Rock Asset Management, in a statement published by Reuters.
The US$3 trillion record also points at venture capitalists’ continued confidence in the growth of Apple’s existing products and services, including iPhones, MacBooks, and Apple TV and Apple Music subscription programs, says the news outlet.
The company has since overtaken other big names in tech like Google parent Alphabet, Microsoft, Tesla, and Amazon, all of which have more than US$1 trillion in market value.
[via Reuters, cover image via Lester Balajadia / Shutterstock.com]
