Apple Inc (AAPL.O) on Monday became the first company to hit a $3 trillion stock market value, before ending the day a hair below that milestone, as investors bet the iPhone maker will keep launching best-selling products as it explores new markets such as automated cars and virtual reality.
On the first day of trading in 2022, the Silicon Valley company’s shares hit an intraday record high of $182.88, putting Apple’s market value just above $3 trillion. The stock ended the session up 2.5% at $182.01, with Apple’s market capitalization at $2.99 trillion.
The world’s most valuable company reached the milestone as investors bet that consumers will continue to shell out top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.
“It’s a fantastic accomplishment and certainly worthy to be celebrated,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. “It just shows you how far Apple has come, and how dominant it is seen as in the majority of investors’ eyes.”
According to Nikkei Asia, Apple’s Chinese manufacturing partners were taking days off when they should have been working nonstop to build up gadget availability for the holiday season.
Apple, like its big tech peers, is dealing with antitrust concerns. Epic Games, the creators of “Fortnite,” filed a lawsuit against Apple in August 2020, alleging that the company is breaking antitrust laws by compelling developers to utilize its in-app payment system, which gives Apple a 30 percent cut of every purchase.