Apple Becomes First Company to Hit $3-Trillion Market Value, Then Slips
Apple on Monday turned the primary firm to hit a $3 trillion (roughly Rs. 2,23,75,950 crore) inventory market worth, earlier than ending the day a hair beneath that milestone, as buyers guess the iPhone maker will preserve launching best-selling merchandise because it explores new markets comparable to automated automobiles and digital actuality.
On the primary day of buying and selling in 2022, the Silicon Valley firm’s shares hit an intraday file excessive of $182.88 (roughly Rs. 13,640), placing Apple’s market worth simply above $3 trillion (roughly Rs. 2,23,75,950 crore). The inventory ended the session up 2.5 % at $182.01 (roughly Rs. 13,570), with Apple’s market capitalisation at $2.99 trillion (roughly Rs. 2,22,97,330 crore). [1]
Figure 1. Apple Becomes First Company to Hit $3-Trillion Market Value, Then Slips
Figure 1 shows The world's most valuable company reached the milestone as investors bet that consumers will continue to shell out top dollar for iPhone devices, MacBook gadgets 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."
Apple shared the $2 trillion (roughly Rs. 1,49,11,080 crore) market value club with Microsoft, which is now worth about $2.5 trillion (roughly Rs. 1,86,41,425 crore). Alphabet, Amazon, and Tesla have market values above $1 trillion (roughly Rs. 74,56,570 crore). Saudi Arabian Oil is valued at about $1.9 trillion (roughly Rs. 1,41,67,825 crore), according to Refinitiv.
"The market is rewarding companies that have strong fundamentals and balance sheets, and the companies that are hitting these sort of huge market caps have proven they are strong businesses and not speculation,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. [2]
In China, one of Apple's biggest markets, it continued to lead the smartphone market for the second straight month, beating rivals such as Vivo and Xiaomi, recent data from CounterPoint Research showed.
With Tesla now the world's most valuable automaker as Wall Street bets heavily on electric cars, many investors expect Apple to launch its own vehicle within the next few years.
"The icing on the cake, which may turn out to be the cake, is the potential for an EV car," Rhys Williams, chief strategist at Spouting Rock Asset Management said. [3]
References:
- https://globalonlinemony.com/apple-becomes-first-company-to-hit-3-trillion-market-value-then-slips-2/
- https://gadgets.ndtv.com/mobiles/news/apple-value-usd-3-trillion-market-investor-iphone-macbook-tv-music-2687481
- https://www.thehindu.com/business/markets/apple-becomes-first-company-to-hit-3-trillion-market-value-then-slips/article38104784.ece
Cite this article:
Thanusri swetha J (2021), Apple Becomes First Company to Hit $3-Trillion Market Value, Then Slips, pp. 52