Apple market value above $3 trillion

Apple market value above $3 trillion

Apple is up 49%  in 2023 as several of Wall Street's most valuable companies rally.



The market value of Apple Inc stock closed its first trading session above $3 trillion  on Friday, rising on signs of improving inflation and betting that the iPhone maker will successfully enter the new market. 
 
 According to Refinitiv data, the stock price of the world's most valuable company rose 2.3% to $193.97, bringing its market cap to $3.05 trillion.

It marked Apple's fourth consecutive high close.
 
 The Cupertino, Calif.-based company's market cap briefly topped the $3 trillion mark in intraday trading on January 3, 2022 before closing the session just below that mark.
The biggest growth stocks, including Apple, Nvidia Corp and Tesla Inc, surged after a US Commerce Department report reported that the Personal Consumer Price Index rose less in May than in April. 
 
 Apple is up 49%  in 2023 as several of Wall Street's most valuable companies rallied on the Fed's bet that its rate hike campaign is nearing an end  and  optimism about the potential of artificial intelligence has rallied. 

Apple's latest May quarter report  showed revenue and earnings were down, but still beat analyst expectations. Financial results, along with continued share buybacks, cemented its reputation as a safe bet in times of global economic uncertainty. 
 
 “This is a testament to one of the greatest public companies that ever existed.  Art Hogan, chief market strategist, B. Riley Wealth, said, "The company continues to grow, diversify its earnings streams, operate shareholder-friendly operations, repurchase stock, pay dividends, and have a strong balance sheet." said. 

Apple's $3 trillion milestone follows the June 5 launch of its expensive augmented reality headset, its biggest bet since the launch of the iPhone more than a decade ago. 
 
 Since then, the stock has risen about 7%  compared to the S&P 500's 4% gain. 
 
 Apple's recent share price gains  have surpassed analyst forecasts for the company's future earnings. According to Refinitiv data, it is currently trading at  29 times higher than expected earnings, the highest since January 2022. This compares to the average PE ratio of about 13 for the S&P 500 Technical Index.
Four other American companies are valued at more than $1 trillion. Alphabet Inc, Amazon.com Inc, Nvidia and Microsoft Corp follow Apple with a market cap of $2.5 trillion.

Shares of Tesla and Meta Platforms Inc have more than doubled this year, and Nvidia shares soared 190%, pushing the chipmaker into the $1 trillion club.

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