Apple’s shares rose 0.84% to a new record high on Thursday of $185.5 per share. The company is now valued at $2.93 trillion, coming in a range of the landmark $3 trillion market cap. The stock has gained over 42% since the start of the year.
Apple Shares up 42% in 2023
Shares of Apple inked a new all-time high on June 15, 2023, the stock’s second consecutive record high in two days. When writing, the company’s shares traded at $185.5, up 0.84% on the day.
The tech giant’s stock experienced a notable dip earlier this month after it announced its first major product in nearly a decade – a virtual reality (VR) headset called “Apple Vision Pro.” Following the announcement, Apple’s shares slipped to $177.79 before embarking on another upward trajectory that propelled its price to a new peak.
With today’s surge, Apple’s share price is now up more than 42% since the start of 2023, marking an impressive comeback after a 27% drop in 2022. Apart from the broader tech market rally fueled by improving macroeconomic conditions, the company’s stock price increase was also driven by other factors such as stronger-than-expected financial results, remarkable cash flow, and a strong business model.
Apple Edges Closer to $3 Trillion Valuation
Apple’s most recent stock price jump puts the company closer to hitting the landmark $3 trillion valuation mark and reinforces its position as the world’s biggest company by market cap. Microsoft and Saudi Aramco sit behind Apple, with market caps of $2.54 trillion and $2.09 trillion, respectively.
Other companies that are on the list of most valuable companies on the globe include Google owner Alphabet ($1.5 trillion), Amazon ($1.2 trillion), and Nvidia ($1.05 trillion). Companies that are below the $1 trillion threshold but still among the top 10 are Tesla ($816 billion), Warren Buffet’s Berkshire Hathaway ($741 billion), and Meta Platforms ($710 billion).
Earlier this month, Wedbush analyst Dan Ives voiced his bullishness on Apple’s stock, saying he believes the company could be worth $4 trillion by fiscal 2025. One of the factors that could play a major role in Apple’s future growth is the imminent iPhone 15 product cycle which could prove to be “another trophy case moment” for the Cupertino, California-based company.
This article originally appeared on The Tokenist
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