Global Courant
Apple CEO Tim Cook speaks at Apple’s Worldwide Developers Conference (WWDC) at the Apple Park campus in Cupertino, California, on June 5, 2023.
Josh Edelson | AFP | Getty Images
AppleThe company’s market cap hit $3 trillion on Friday, as the stock rose about 1% to a new high, passing the $190.73 price it took to hit the milestone, according to CNBC’s most recent stock tally.
Apple was the first company to reach a market cap of $3 trillion in intraday trading in January 2022, but failed to close at that level. It has another chance to do that on Friday.
It shows that investors remain optimistic about the stock and Apple’s portfolio of products and services, despite the company’s warning in May that current quarter revenue is expected to fall about 3%.
Investors see the company as one of the bright spots during a year of tech turbulence, with technology giants committing to “doing more with less” amid a “year of efficiency” and laying off thousands of workers.
“The Apple bears and skeptics continue to scratch their heads as many this year have called for Apple’s “broken growth story” in a harder backdrop that we firmly believe has happened just the opposite, with Cupertino on track is to a massive renaissance of growth over the next 12 to 18 months,” Wedbush’s Dan Ives said in a note Friday.
“In our view, the Street has the massive upgrade capability of the installed base around the iPhone 14 and now a mini supercycle iPhone 15 ahead, with about 25% of Apple’s gold customer base not having upgraded their iPhones in over 4 years” he added.
Shares of Apple are up about 47% year-to-date.
