Apple‘s market capitalization on Friday breached the $3 trillion (nearly Rs. 2,46,09,660 crore) mark for the first time since January last year, as investors bet on the iPhone maker’s ability to grow its revenue even as it explores new markets such as virtual reality.
Shares of Apple, which is also the world’s most valuable- listed company, were up 1.3 percent at $191.99 (nearly Rs. 15,750) in morning trading.
Apple’s market value briefly peaked above $3 trillion in intra-day trading on January 3, 2022, before closing the session just below that mark.
The latest gains in Apple shares come as technology stocks rebound on bets that the Federal Reserve may be slowing its pace of interest rate hikes as well as on the buzz around artificial intelligence.
Apple’s better-than-expected iPhone sales during its second quarter and the introduction of new products, including an augmented-reality headset called the Vision Pro in June, highlight the tech giant’s resiliency in an uncertain economy.
A near 180 percent gain in shares of Nvidia in 2023 has catapulted the chipmaker into the trillion-dollar club.
Recently, the company was reported to be planning to seek to fend off a revised EU antitrust charge and possible hefty fine linked to claims it prevents music streaming companies such as Spotify from informing users of other buying options outside its App Store. The iPhone maker will set out its arguments to senior European Commission officials and their peers at national competition agencies at a closed hearing in Brussels.
© Thomson Reuters 2023